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Sydney to lead property market for next three years

Sydney will be leading growth in the Australian property market for the next three years.

Sydney has been tipped to lead the recovery of the housing market over the next three years, according to analysts at BIS Shrapnel.

It is already the most expensive city in Australia and yet the median house price is predicted to rise by 19 per cent between now and the middle of 2016, increasing to an estimate of $795,000.

Certainly, this year Sydney's property prices have been increasing greatly as the city has attracted plenty of investors looking to take advantage of the Reserve Bank of Australia's interest rate cuts. Its weekend auctions have produced strong results, having gained clearance rates of above 70 per cent.

Yet Sydney is not the only city where housing is poised to see strong growth in value over the next few years. Brisbane, Perth and Darwin are all expected to see significant increases in median house prices as they rise by 17 per cent, 15 per cent and ten per cent respectively.

Posted by Ravin Chatlani

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