Price Growth Better Than Expected

On average, house prices are expected to rise 5.1% nationally for the rest of 2016. This is due to stronger growth in Melbourne and Sydney, the National Australia Bank’s latest Residential Property Survey says. Price growth has picked up since March in the two largest cities – in the year to June Melbourne homes rose 12.1% and Sydney 11%, the NAB’s latest quarterly survey shows. Brisbane (7.6%), Adelaide (3.9%) and Hobart (4.9%) also experienced better-than-expected growth. The forecast 5.1% national growth rate compares to last year’s 7.8%. House price growth will slow further in 2017, with a minor 0.5% gain, according to NAB.The outlook for apartments is less positive, with prices expected to fall in every city except Adelaide and Hobart.

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