PHOTO: Property prices in Sydney rose by about $3000 a week in September.
The housing slump could be over with experts now forecasting increases to house prices over the next few years.
Property prices are on the rise in Melbourne and Sydney with average dwelling prices rebounding by about $3000 per week.
Deloitte Access Economics’ latest Business Outlook released today noted average dwelling prices in Sydney had risen by about $3000 per week in September. Melbourne experienced a bounce of about $2500 a week.
Deloitte is predicting “more to come”, noting that housing-related lending has started to climb and auction clearance rates were returning to boomtime levels.
It’s been a stunning turnaround for the market after prices fell in both cities by about $2000 a week from late 2018 to early 2019.
“The rebound in Sydney’s housing prices is welcome, but it’s also bad news,” the report said. “It will help NSW by boosting retail and housing construction but down the track the return towards diabolical rates of housing affordability will bite into NSW’s economic and population growth.”
Deloitte noted that “Australia needs a renewed housing price bubble like it needs a hole in the head” with the recent rebound “best understood as a hair of the dog that bit us in the first place”.
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