Modelling from QBE and BIS Oxford Economics predicts house prices will grow nearly 6 per cent between 2019 and 2022, while unit values would drop 0.3 per cent over the three years. House prices would rise because of lower rates and relaxed lending criteria, which was increasing the number of active buyers in the market at a time when fewer freestanding homes were coming on to the market. MORE: Buyers under pressure at spring auctions Danger house sparks bidding war These conditions have already spurred a modest recovery in prices, with Sydney’s median home price increasing 1.9 per cent over the last three months — the first sustained rise since July 2017. BIS Oxford Economics analyst Angie Zigomanis said there was plenty more “upside” in the market because of pent up demand for detached houses. Why Spring 2019 is a good time to sell Why Spring 2019 is a good time to sell There was a different dynamic in the unit market, where an oversupply of apartments and smaller pool of buyers was putting a brake on value growth, he said. Demand for units was lower because investors — traditionally the largest market for apartments — were still struggling to… Read full this story
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