Cast your minds back to the start of 2015. There we were, twiddling our thumbs, wondering if the real estate market would ever recover from the GFC and return to those golden years of growth in the early 2000s. None of us could have anticipated the growth we experienced in our capital cities in 2014. But where does this leave us for the rest of 2015 and into 2016?
Let’s begin with Sydney. After a stellar year in 2014 that saw the real estate market rise by 13.9%, Sydney is expected to rise again by another 8% this year.
It’s forecasted that Hobart and Canberra are set for more growth over the next year, with Hobart expected to rise from 2.1% to 4%, and Canberra to scale from 0.9% to 2%.
After seeing great rises in 2015, Melbourne and Brisbane are expected to plateau over the next year at 4% and 6% respectively.
The real surprise
The surprise package that has everyone excited is the upsurge of Darwin. After experiencing a loss in growth in 2014, Darwin went from -2.5% to being expected to grow by as much as 2%. After a really good decade of growth, Darwin has dropped off the top of the list in the past 2 years, and against what some experts had predicted, has re-established itself as one of Australia’s best places to invest in housing.