The end of the decade could break a property price barrier.
Houses in Australia's capital cities could cost more than $1 million (£567,775) by the end of the decade, according to an expert.
Matthew Liddy, deputy editor of Australian Property Investor magazine, said that the idea of a typical house in the suburbs costing "a million bucks" might seem inconceivable at the moment, however, it is far from a silly proposition.
"For Sydney, if nominal house prices rise by only 5.5 per cent per year, then in ten years we'll have a median price of just over $1 million. For Melbourne, we only need an average over ten years of 6.2 per cent to get to the $1 million median price for houses," added Matthew Bell, an economist for Australian Property Monitors.
According to economic forecaster BIS Shrapnel, house price growth in Brisbane could reach 12 per cent over the next three years, with Queensland's Gold Coast set to see rises of 11 per cent.
Posted by Steve Douglas
Houses in Australia's capital cities could cost more than $1 million (£567,775) by the end of the decade, according to an expert.
Matthew Liddy, deputy editor of Australian Property Investor magazine, said that the idea of a typical house in the suburbs costing "a million bucks" might seem inconceivable at the moment, however, it is far from a silly proposition.
"For Sydney, if nominal house prices rise by only 5.5 per cent per year, then in ten years we'll have a median price of just over $1 million. For Melbourne, we only need an average over ten years of 6.2 per cent to get to the $1 million median price for houses," added Matthew Bell, an economist for Australian Property Monitors.
According to economic forecaster BIS Shrapnel, house price growth in Brisbane could reach 12 per cent over the next three years, with Queensland's Gold Coast set to see rises of 11 per cent.
Posted by Steve Douglas
