There will be a substantial increase in home prices in Australia by 2029 if current growth rates persist, new analysis of PropTrack data has revealed.
If property prices continue their current trajectory, homes in traditionally affordable areas on the outskirts of major cities will likely reach million-dollar valuations, according to the property data insights provider.
Paul Ryan, senior economist at PropTrack, clarified that the modelling is not a forecast but illustrates the extraordinary price growth over the past five years and its potential future implications.
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