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March 2015

Sydney Property Prices Could Top AUS$1 Million

Published: Thursday 19 March 2015

The average price of a property in Sydney will top more than AUS$1 million by June 2017, according to new forecasts from economic researchers BIS Shrapnel. The company believes that pent up demand, a push by investors into the market and an undersupply of new housing stock will see prices in Australia’s largest city rise by 20 per cent over the next two years. It is predicted that Sydney house prices will have risen by 17 per cent by the end of the current financial year, to be followed by rises of 13 per cent and 7 per cent over the next 24 months. Brisbane is also set to see strong house price growth in this two-year period. Prices in the Queensland capital are expected to post 14 per cent growth over the coming two years, which would take the median price to AUS$540,000. However, the rapidly rising prices in Sydney and Brisbane are at odds with the trends predicted for much of the rest of the country. In Melbourne, prices are expected to rise by 5 per cent between June 2015 and 2017, while in Adelaide values will increase by just 3 per cent in this period. What’s more, BIS Shrapnel actually expects to see house prices in Perth decrease by 3 per cent over this 24-month period, due to a weakening of the city’s mining-led economy. House prices will be flat or falling in the other capital cities.

The financial part...

No matter where in you’re looking at moving to, one way you can ensure you pick up the best deal possible when it comes to buying a house in the country is by making sure you make the most of the currency exchange process. When exchanging large lump sums, even only slight fluctuations in the currency exchange markets can have a huge impact on the money you’ll have available to start your new life. The Pound-Australian Dollar exchange rate has been fluctuating wildly in the past three months. For example, on 23rd January £1 would have purchased you AUS$1.839, while just one month later you would have received AUS$1.991. If you were exchanging £150,000 – say from the sale of your UK home – then this would equate to a difference of almost AUS$23,000 in just one month! Yesterday, £1 was worth AUS$1.930, meaning an exchange of £150,000 would have netted you AUS$289,550 – AUS$13,650 more than you would have received in January, by AUS$9,100less than you would have received in late February Fortunately, you don’t have to be a financial whizz kid to make sure you get the best exchange rate – that’s what companies like us are here for! We understand why the exchange rates are moving and just what impact this has on your currency transaction. What’s more, we can also explain how to make your money go further and give you a range options on exactly when you wish to exchange, and how much you should exchange at a time.

Want more?

Read more on our blog about property in Australia, including tips on buying, selling or renting and typical property sizes and features.