Australian property prices are set to increase by up to 5 per cent in 2023 amid market predictions the Reserve Bank of Australia’s interest rate rises may be coming to an end soon.
Sydney and Adelaide property prices are forecast to increase by between 3 and 6 per cent, while Brisbane is heading for between 1 and 4 per cent growth.
Melbourne prices are predicted to grow at a slower rate of up to 2 per cent, although they might record a small dip by the end of the year.
The strongest growth is expected to be in Perth with growth of between 4 and 7 per cent.
The forecasts are based on a prediction the Reserve Bank of Australia’s (RBA) series of interest rate rises is nearing its peak.