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House prices to continue rising in all capital cities

Brisbane and Sydney will be the clear leaders in house price growth over the next three years, a new report has revealed.

Construction analyst BIS Shrapnel forecast that median house prices will increase in all capital cities by 2017, with Brisbane and Sydney recording double-digit percentage gains.

Brisbane’s median house prices are expected to climb by 17 per cent to $555,000 in the next three years, while Sydney is predicted to jump 10 per cent to $875,000.

Melbourne’s median prices are expected to rise by 8 per cent to $690,000, while Adelaide’s are expected to climb by 5 per cent to $435,000.

House prices in Hobart will remain the lowest but are expected to rise by 4 per cent to $385,000.

Median house prices in Perth, Canberra and Darwin are all expected to increase by 3 per cent, with prices reaching $565,000 in Perth, $645,000 in Canberra and $525,000 in Darwin.

According to BIS Shrapnel, house price growth will continue to be spurred on by low interest rates and an increasing population.