Australian house prices: how much will your home be worth in 2029?

Home prices in many suburbs are on track to double by 2029 while others will fall, new modelling shows. See where you rank.

Australians are staring down the barrel of some truly epic house and unit price increases, with property values predicted to double across many areas in as little as five years.

There will also be some areas that go the other way, with home values expected to drop by hundreds of thousands of dollars, new real estate analysis shows.

The PropTrack modelling provided exclusively to News Corp revealed what property prices would be in each city and suburb by 2029 if price growth trends from the last five years were repeated.

The data paints a frightening picture of the kind of landscape facing new buyers by the end of the decade, while also showing just how much wealth current homeowners may attain from their properties.

Home buyers could expect to pay over $1m for a house in many prominent regional areas and substantially more in the country’s biggest cities if markets continue on their current path, the modelling showed.

This will make affordability even more challenging than it already is, while homeowners in the highest growth areas could pocket more than a million in equity gains by 2029, in some cases.

Many of the forces pushing up prices are entrenched in the market. Picture: Tim Hunter.

Economist Paul Ryan said the study was not a forecast but a “thought exercise” to illustrate some of the probabilities for the market, noting that past performance was not an indicator of coming price changes.

He added that some of the trends that drove prices to record highsover the past five years remain entrenched in the market and will likely spur more price rises.

Real estate forecasts for the next five years

Mr Ryan pointed to sluggish building activity, strong population growth and buyers with large deposits offsetting some of the impact of higher interest rates, particularly over the coming year.

“We’ll still see prices increasing over the next 12 months to two years because of the demand versus supply story, and expectations that interest rates will fall maybe early to mid-next year,” he told The Courier Mail.

It comes as PropTrack’s monthly Home Price Index released today showed property prices hit a record high nationally over May.

National home prices lifted 0.3 per cent for the month, bringing total growth this calendar year to 2.73 per cent.

Home values could double in many areas in just five years.

It also means national prices are 9.58 per cent higher than they were in December 2022.

Rises were particularly strong in smaller capitals such as Brisbane, Adelaide and Perth, with the former overtaking Melbourne to become the second most expensive housing market behind Sydney.

Economist Eleanor Creagh said the prospect of prolonged higher interest rates could take some heat out of the market, but the other forces that have pushed up home values would likely persist for some time.

“Building activity remains challenged by capacity constraints and higher costs, with consequent tight housing supply pushing prices and rents higher,” she said.

“This mismatch between supply and demand is continuing to offset the higher interest rate environment. Further, current interest rate stability has sustained buyer and seller confidence.”

What will houses be worth in 2030 in Australia?

Property prices in many suburbs could be on track to nearly double, according to the predicted house prices, but there will be wide variation across regions and cities:

SYDNEY:

See the full list of predicted home prices in every NSW suburb

So-called “lifestyle” suburbs may have more room to grow.

TOP FIVE GROWTH SUBURBS

• Caddens

Area: Outer west

Current median (all dwellings): $1,263,000

Five-year change: 96%

Median in 2029: $2,471,000

• Putney

Area: North Shore

Current median: $3,575,000

Five-year change: 95%

Median in 2029: $6,984,000

• Copacabana

Area: Central Coast

Current median: $1,685,000

Five-year change: 91%

Median in 2029: $3,226,000

• Bardia

Area: Outer southwest

Current median: $925,000

Five-year change: 90%

Median in 2029: $1,761,000

• North Willoughby

Area: North Shore

Current median: $2,950,000

Five-year change: 88%

Median in 2029: $5,539,000

MELBOURNE:

See the full list of predicted home prices in every VIC suburb

There is still high demand for larger houses.

TOP FIVE GROWTH SUBURBS

• Blairgowrie

Area: Mornington Peninsula

Current median (all dwellings): $1,600,000

Five-year change: 65%

Median in 2029: $2,634,000

• Rye

Area: Mornington Peninsula

Current median: $1,100,000

Five-year change: 63%

Median in 2029: $1,797,000

• Somers

Area: Mornington Peninsula

Current median: $1,475,000

Five-year change: 63%

Median in 2029: $2,407,000

• Mount Martha

Area: Mornington Peninsula

Current median: $1,395,000

Five-year change: 58%

Median in 2029: $2,199,000

• Werribee South

Area: Melbourne-West

Current median: $700,000

Five-year change: 51%

Median in 2029: $1,054,000

BRISBANE:

See the full list of predicted home prices in every QLD suburb

The Moreton Bay area will be a strong market.

TOP FIVE GROWTH SUBURBS

• Woodford

Area: Moreton Bay-North

Current median (all dwellings): $740,000

Five-year change: 111%

Median in 2029: $1,565,000

• Wamuran

Area: Moreton Bay-North

Current median: $1,140,000

Five-year change: 104%

Median in 2029: $2,331,000

• Riverview

Area: Ipswich

Current median: $485,000

Five-year change: 100%

Median in 2029: $971,000

• Seven Hills

Area: Brisbane Inner City

Current median: $1,433,000

Five-year change: 100%

Median in 2029: $2,866,000

• Seventeen Mile Rocks

Area: Brisbane-West

Current median: $1,125,000

Five-year change: 99%

Median in 2029: $2,240,000

ADELAIDE:

See the full list of predicted home prices in every SA suburb

Some of Adelaide’s most affordable pockets have seen the biggest growth.

TOP FIVE GROWTH SUBURBS

• Elizabeth North

Area: Adelaide-North

Current median (all dwellings): $405,000

Five-year change: 131%

Median in 2029: $937,000

• Elizabeth Downs

Area: Adelaide-North

Current median: $405,000

Five-year change: 125%

Median in 2029: $911,000

• Elizabeth South

Area: Adelaide-North

Current median: $390,000

Five-year change: 120%

Median in 2029: $857,000

• Sellicks Beach

Area: Adelaide-South

Current median: $708,000

Five-year change: 114%

Median in 2029: $1,517,000

• Elizabeth Park

Area: Adelaide-North

Current median: $430,000

Five-month change: 113%

Median in 2029: $915,000

HOBART:

See the full list of predicted home prices in every TAS suburb

Could Hobart’s median surpass $1m?

TOP FIVE GROWTH SUBURBS

• Primrose Sands

Current median (all dwellings): $480,000

Five-year change: 92%

Median in 2029: $922,000

• Rokeby

Current median: $583,000

Five-year change: 88%

Median in 2029: $1,095,000

• New Norfolk

Current median: $471,000

Five-year change: 87%

Median in 2029: $880,000

• Bridgewater

Current median: $405,000

Five-year change: 71%

Median in 2029: $691,000

• Midway Point

Current median: $613,000

Five-year change: 70%

Median in 2029: $1,038,000

PERTH:

See the full list of predicted home prices in every suburb

Perth has been the leading housing market this year.

TOP FIVE GROWTH SUBURBS

• Cooloongup

Area: Perth-South West

Current median (all dwellings): $510,000

Five-year change: 107%

Median in 2029: $1,057,000

• Marmion

Area: Perth-North West

Current median: $1,758,000

Five-year change: 104%

Median in 2029: $3,581,000

• Darlington

Area: Perth – North East

Current median: $1,075,000

Five-year change: 101%

Median in 2029: $2,160,000

• Camillo

Area: Perth – South East

Current median: $453,000

Five-year change: 97%

Median in 2029: $892,000

• Parmelia

Area: Perth-South West

Current median: $470,000

Five-year change: 96%

Median in 2029: $920,000