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RP Data Predicts Property Prices to Double

By Rebecca Zhang

Property analysts predict that more than 250 suburbs in Australia to double in value in the next ten years.

Furthermore, tenants in almost 800 suburbs across the nation are set to see their weekly rent double in the same time, according to new research by RP Data.

For an investor, these predictions mean that now is the time to buy, as their properties are predicted to see prices double in the next decade. However, this also proves a nightmare for those renting and trying to get their feet on the property ladder.

If these predictions become reality, renters in Sydney will most likely feel the pinch as they set to pay more than double of what they are paying now.

Here is a snapshot on how the Lidcombe property market will play out in the next decade according to RP Data’s Autumn Investors Guide April 2013:

Median Value

House: $669,663

Unit: $424, 886

5 year average annual value growth

House: 6.1%

Unit: 6.9%

Median rent

House: $500

Unit: $450

5 year average rental change

House: 8.7%

Unit: 8.1%

Rental yield

House: 3.6%

Unit: 5.4%

Source:

http://www.news.com.au/realestate/buying/time-to-buy-property-prices-to-double/story-fndban6l-1226626822141

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