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Sydney’s median house price could eclipse $1 million in less than a decade, one economist has claimed.
Residex’s John Edwards said Sydney’s median house price is now more than $700,000 and is expected to grow higher still over the coming years.
“If growth continues at an annual rate of just 5.2 per cent per annum, which is a likely outcome and is less than the Residex model predicts, the Sydney median house price will rise to $1 million over the next seven years,” he said.
“In fact, the Residex predictive model suggests this outcome will be achieved a year earlier, by 2019.”
Mr Edwards said that while the rising house prices will no doubt make it harder for first home buyers to get into the market, investors should benefit as a direct result.
