Sydney’s inner and middle suburbs have become too expensive for 90% of Australians, prompting a likely exodus to other more affordable cities and towns, property identity John McGrath says.
Surging prices will unlock a lot of other area’s Sydney people hadn’t thought about Mr McGrath told The Weekend Australian ahead of releasing his 2015 market report. Sydney was 80-90 percent through the current upswing and although there was potentially some further price growth, it was tempering and a small correction was possible, he said.
Mr McGrath, whose real estate agency has 70 offices and who has been a regular on reality TV including Shark Tank, expects Sydney’s housing prices to rise 5-8 percent this financial year, with Melbourne’s values matching pace.
Brisbane and the Gold Coast would pull ahead with 10 percent plus price growth while Adelaide and Hobart would see a 2-3 percent rise and in Canberra and Darwin housing prices would be flat. Perth challenged by the mining downturn, was too hard to call, he said.
In McGrath’s top 5 suburb picks he also predicted that the Southeast Queensland’s market would improve, underpinned by interstate migration, providing jobs were available.