Sydney house prices: Sydney’s median house price to hit $2m, Perth $1m by 2027

House prices in Perth will pass the $1 million mark within three years while Sydney’s median is predicted to soar close to $2 million as anticipated interest rate cuts and a sustained housing shortage kickstart the next growth spurt, according to the latest forecast by Oxford Economics Australia.

Adelaide’s median is $734,000, Brisbane’s is $818,000 and Canberra’s is $839,000. Darwin is $498,000 and Hobart is $649,000.“The Australian housing market was caught between two opposing forces in 2023 – higher interest rates and a fundamental undersupply of dwellings. The weight of demand eventually won out,” she said.

“Western Australia is also undersupplied like the other states, but it has the most extreme capacity issues in the construction sector, and it’s also poised to have the nation-leading population growth over the next five years.”

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