House prices will keep rising into next year, says Domain, as immigration boosts demand

The recovery of real estate prices will extend across Australia and well into 2024 as a swelling population overwhelms the headwinds of higher interest rates and reduced borrowing limits for some prospective buyers, according to data group Domain.

Sydney, which led the fall in home prices last year as the Reserve Bank began lifting its cash rate, will also power the rebound. By the end of June next year, the city’s houses are forecast to be 6% to 9% higher than at the end of last month, lifting the median price to a record of just over $1.6m.

Melbourne’s rebound will be more modest over the 13 months, with the projected rise of as much as 2% clawing back only about a third of the retreat during the recent downturn. The median value will edge towards $1.05m, or shy of the record $1.094m achieved in December 2021, Domain said in its forecast report.Adelaide and Perth’s houses prices should also recover to set fresh highs and Brisbane would come close, underscoring the broad-based scope of the rebound, said Nicola Powell, Domain’s chief of research and economics.

“It’s going to be a surprise, the fact that we’re going to have many of our capital cities fully recovered from the downturn by the end of next financial year,” Powell said. “[What’s] really underpinned the recovery in price, particularly so in Sydney, has been the lack of listings.

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