The QBE Australian Housing Outlook report is one of the country’s most anticipated forecasters of property market movements. This is the 16th year QBE LMI has partnered with BIS Oxford Economics to present the 2017–2020 report, which includes state and territory analysis and forecasts of house and unit prices for the next three years.
If we look at capital cities from the priciest to the most affordable, the report suggests that Sydney’s current median house price of $1,177,769 will decline by 0.2 percent by 2020 while its apartments will decline by 3.8 percent from the current median of $790,063.
Conversely, it also suggests that Melbourne’s median house price will gain ground on Sydney’s in the coming years, rising 10.2 percent on the current figure of $852,724. However, Melbourne’s median apartment price is tipped to drop 4.8 percent on the current median price of $561,709.
Brisbane houses are also slated for growth, with median prices anticipated to rise 7.1 percent on the current figure of $550,840. However Brisbane apartments are likely to see the opposite effect, falling by 7.2 percent from the current median of $414,812.
Perth, which has seen a post-mining boom slump recently, is expected to see a minor increase in its median house price by 2020, which is expected to rise 2.8 percent on the current figure of $520, 519. Perth apartments should remain pretty level, with a nominal median price decrease of 0.6 percent on the current figure of $402,247.
