A new report is forecasting an increasingly expensive housing market in Australia, where many markets could see home prices double by 2030.
News.com.au reports data modeling from PropTrack is predicting that buyers could be paying 75% more for homes in Adelaide by 2030 while property seekers could pay 68% more in Brisbane, 66% more in Perth, 61% more in Sydney, 40% more in both Canberra and Hobart, and 17% more in Melbourne.
While Melbourne might seem to be more affordable in the next five years, the report noted its median dwelling price was projected to rise beyond $1 million by 2030. More than 50 suburbs are predicted to join Melbourne in the million-dollar median home price bracket during this period.
Angus Moore, an economist with the Melbourne-based online real estate advertising company REA Group, warned that prices could continue to accelerate beyond 2030 and stated more housing supply was needed to keep prices from soaring too high.
