Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Good News and the Bad News. Property Prices Tipped to Rise in Cities

Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Good News and the Bad News. Property Prices Tipped to Rise in Cities

Article excerpt

Byline: Kim Christian of AAP

IT'S now easier to get a job, but owning your own home is expected to become much more difficult.

As the nation moves into a period of higher house prices, rising interest rates and falling unemployment, economic commentators are pointing to declining housing affordability over the next few years.

Housing surveys released this week show residential property prices could climb by as much as 20% over the next three years in Sydney, Perth and Adelaide, while other capitals are anticipating more modest growth.

At the same time, some economists predict unemployment could fall as low as 4% and variable interest rates could soar past 9% as the resources boom kicks in.

BIS Shrapnel managing director Rob Mellor said steady residential property growth was expected over the next three years thanks to a strong economy, firm employment and income growth.

C[pounds sterling]The big risk is affordability,C[yen] Mr Mellor said. …

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