To purchase a house in Sydney, you’ll need around $1.3 million, and while the Sydney property market is still expected to be the most expensive, another capital city will see bigger growth this year, the experts have predicted.
Brisbane is forecast to have the biggest gains in terms of house price growth, according to new research from Finder.
The predicted 5 per cent increase to house prices in Brisbane would see costs increase another $37,021 on average by the end of the year.
In Sydney, the predicted 3 per cent increase would see costs increase by $46,895 on average.
Last year, the national housing market grew over 22 per cent, leading to the average house price across the nation surpassing $1 million for the first time.
However, Graham Cooke, head of consumer research at Finder, said record growth in property prices couldn’t continue forever.
“The house-price explosion of 2021 is coming to an end, but has not stopped. We expect to see more moderate, but still significant, price increases in 2022,” Cooke said.
“However, there’s double-trouble for prospective buyers. On top of bigger prices, expected cash rate increases will make borrowing more expensive.
“Once this happens, we can expect housing demand to gradually ease, and growth in property prices to stabilise.”
How do the capitals compare?
Depending on which city you’re looking to buy in, the average price for a house and apartment fluctuate.
If you’re looking to buy in Sydney, the average house price is expected to reach $1,396,895, according to the research.
If you’re looking to buy an apartment in Sydney, the average price is expected to hit $808,960 by the end of the year.
If you’re looking to buy a house in Melbourne, the average price will be around $936,172 by the end of 2022, and an apartment will be around $650,421.
In Canberra, the average house price is expected to reach $993,797, while an apartment will set you back around $548,375.
In Brisbane, the average house price is forecast to hit $747,021, while the average apartment will cost around $441,825.
The average house price in Adelaide is expected to reach $601,140, while the average apartment is expected to hit $391,083.
In Hobart, Aussies can expect the average house price to be $762,394 by the end of the year, while apartment prices will hit $557,933.
The average house price in Perth is forecast to reach $536,200 by the end of the year, while apartment prices should hit $416,492, on average.
Finally, in Darwin, The average house price is expected to finish the year around $596,626, while apartment prices are expected to reach $389,817.