Current House Prices Condition in Australia

A research from REI has shown that house prices across Australia are expected to grow at their fastest rate in 10 years. As a result, the average cost of a house in Australia is forecast to hit $631,000 this year – that’s up from $584,000 last year and well above pre-GFC levels (when prices were around $580,000). The Sydney and Melbourne markets will be the most expensive in the world - with prices predicted to rise by around 10% each year over the next four years before leveling out again at around 2025. Despite this optimism however there are still many Australians who can't afford housing (over 30% of households earning under $50k on average), while others who own property struggle with high interest rates (over 50%).

House prices remain well below levels from pre-GFC, but the growth rate has increased.
The Australian dollar is up 6% against the US dollar over the past year and interest rates will continue to increase. This means it's more expensive for Australians to borrow money to buy a house and for those who can afford them (and are in high demand), houses are becoming harder and harder to find.

At the time of writing, Sydney’s house prices are reported to have increased by 1.3 percent in the three months to March, which is considered the first quarterly increase in a year and the most substantial since the year 2021. Factors that contributed to the gain are migration, low listings, and tight rental markets.

As for Melbourne, the forecast is that by the end of the year, house prices will be flat but will increase 2% by the end of 2024. On the other hand, Brisbane is expected to fall this year and may increase by 5% next year.

The Australian dollar rose over the past year, as it has done since early 2018. It's expected to rise further in coming years, as increased demand for imports from China and other countries makes Australia's exports more expensive overseas. This will make life more expensive for people who own houses in Australia, who will face higher prices for things like food and petrol if the dollar continues to rise—and that's likely what happens too!
Interest rates will continue to increase over the next few years, making housing more expensive.

One risk that experts are seeing is if more buyers will enter the market in spring, there is a possibility for the house prices growth to slow down. Towards the end of the year, it is expected that price growth will only get stronger and the momentum could carry into 2024.

If you’re thinking about buying a house, it's important to keep the following things in mind:
● Interest rates are going up. According to the Reserve Bank of Australia (RBA), mortgage rates will increase by 2% over the next few years. This means that if you were able to get a mortgage at 4%, your application would now be rejected by most lenders, unless they are willing to offer you an interest rate below 5%. In fact, some lenders may even increase their own loan prices for people who want a fixed-rate loan instead of variable-rate loans like those offered by banks or other financial institutions.

● House prices continue rising as investors buy more properties than ever before because they think they can sell them later at higher prices than what they paid originally. But due to this in demand coupled with negative supply caused by high levels of unemployment across Australia mean that households have little choice but wait longer before selling their homes back onto marketplaces where prices have already risen significantly since it was first introduced into mainstream housing sectors.

In addition to increased demand from investors and home buyers looking for affordable homes for sale in their areas—which has driven up house prices across Australia—there's been an increase in new construction projects that have helped boost supply too: new apartments are expected to come online at record levels this year as developers build more units than ever before due to population growth and immigration trends (read more about how these factors impact housing affordability here).

The housing market is becoming more expensive, but it's still a great time to buy a home in Australia if you can afford the price. In fact, it might be better than ever before because there are more homeowners and less renters looking for homes. That being said, there are also many people who can't afford houses at all - even if they're building one themselves!