So how fast will prices grow? According to NAB’s latest Quarterly Residential Property Survey, Queensland house prices will grow by – wait for it – 1.4% by the end of 2017.
Perhaps not quite the speedy growth the capital gains thrill seekers were hoping for, but it is an increase on forecasts from 1.1% in the last NAB survey.
Queensland was in fact the only state in the latest survey to see a lift in house price expectations.
Property experts interviewed for the survey scaled back predictions for New South Wales and Victoria, while they still remain the strongest in Australia at 1.7% and 1.9% respectively.
South Australia and the Northern Territory forecasts (both 0.3%) were unchanged, while Western Australia’s house prices are expected to fall by 0.8%.
Looking at the capital city markets, Brisbane houses are tipped to rise by 1.7% in 2017, while the giddy growth patterns of Sydney and Melbourne start to scale back with growth of 4.5% and 5.6% tipped for each market.
So what does it all mean? Very little unless you intend to buy an entire state or city. So talk to your local agents to find out how property markets in your neighbourhood are performing.