PHOTO: Australian property prices in 2022
Home buyers holding out hope that property prices will plunge in 2022 might want to think again.
Australia’s real estate market is tipped to rise by nearly 10 per cent in the next 12 months, according to REA Group’s PropTrack Property Market Outlook 2022 Report released on Saturday.
The report predicts property prices will climb by 6 to 9 per cent across combined Australian capital cities in 2022.
Although that’s down from last year’s unprecedented 24 per cent rise, it still means you would have been better off buying a place pre-pandemic.
However, it could provide a rare opportunity to break into some of the major capital city markets experiencing a downturn in demand.
Melbourne, Sydney and Perth are facing the slowest growth this year.
Properties are still going to surge this year, though not by as much as 2021.
Hobart could lead the country’s price growth this year with an increase of as much as 12 per cent.
Brisbane is also a bit of a trail blazer, with expectations property values could lift by up to 11 per cent.
That was followed by Adelaide and Canberra around the 6 to 9 per cent mark and Darwin at 5 to 8 per cent.
“Brisbane and Hobart are expected to see the biggest price growth among the capital cities thanks to their low supply of stock for sale, heightened demand and relatively lower prices compared to Sydney and Melbourne,” report author Cameron Kusher said.
The median house prices of these areas as of December.
Sydney and Melbourne are tipped to rise between 4 and 7 per cent while Perth is a notch lower at around 3 to 6 per cent.
“On the other hand, Perth along with Sydney and Melbourne have the lowest price growth forecasts for the year,” Mr Kusher said.
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