Property market set to outperform Sydney in 2022

Brisbane’s property market is expected to grow by 5% this year. (Source: Getty)

To buy a house in Sydney, you’ll need around $1.3million, and while Sydney’s property market is still expected to be the most expensive, another capital will see more growth this year, experts have predicted. .

Brisbane is set to see the biggest gains in property price growth, according to new Finder search.

The projected 5% rise in house prices in Brisbane would increase costs by an additional $37,021 on average by the end of the year.

In Sydney, the projected 3% increase would increase costs by an average of $46,895.

Last year, the national housing market grew by more than 22%, causing the average home price across the country to top $1 million for the first time.

However, Graham Cooke, head of consumer research at Finder, said record house price growth could not last forever.

“The 2021 property price boom is coming to an end, but has not stopped. We expect more moderate, but still significant, price increases in 2022,” Cooke said.

“However, there is a double problem for potential buyers. In addition to higher prices, expected increases in cash rates will make borrowing more expensive.

“Once that happens, we can expect housing demand to gradually decline and house price growth to stabilize.”

How to compare the capitals?

Depending on the city in which you want to buy, the average price of a house and an apartment fluctuates.

If you are looking to buy sydneythe average home price is expected to reach $1,396,895, according to the research.

If you’re looking to buy an apartment in Sydney, the average price is expected to reach $808,960 by the end of the year.

If you are looking to buy a house in melbournethe average price will be around $936,172 by the end of 2022, and an apartment will be around $650,421.

In Canberrathe average house price is expected to reach $993,797, while an apartment will cost you around $548,375.

In Brisbanethe average house price is expected to reach $747,021, while the average apartment will cost around $441,825.

The average house price in Adelaide is expected to reach $601,140, ​​while the average apartment is expected to reach $391,083.

In HobartAustralians can expect the average house price to be $762,394 by the end of the year, while apartment prices will hit $557,933.

The average house price in Perth is expected to reach $536,200 by the end of the year, while apartment prices are expected to reach $416,492 on average.

Finally, in DarwinAverage home prices are expected to end the year around $596,626, while apartment prices are expected to reach $389,817.

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Penny D. Jackson