Value of property prices in Sydney are expected to rise by 2 per cent and in Melbourne, unit prices will grow from 0 to 2 per cent and house prices will increase from 1 to 3 per cent, according to Dream Design Property (DDP).
Shortage of land drives prices up, as land sales fall
Residential lot sales across Australia reached a record low of 7,236 in the March 2019 quarter, almost 50 per cent below the average of the past decade of 13,682.
With the housing market weakening over the past few years, most capital cities have experienced dwelling value falls with a more significant correction experienced in Sydney, Melbourne, Perth and Darwin.
The price of land for new residential building has risen as demand falls away, according to the March 2019 edition of the HIA-CoreLogic Residential Land Report.
Falling house prices close inequality gap, says report
Despite falls in residential property and share markets, the inequality gap between the financial comfort of homeowners and renters has begun to close for the first time in years, and most households are feeling better about their finances.
