Median Sydney house prices could rise by as much as $100,000 in the next two years, The Investors Club has said.
Speaking to the Daily Telegraph, the Club’s president Kevin Young said a shortage of homes and a growth in population could cause a property boom.
Between 2002 and 2004, the median Sydney house price surged by $150,000 to $524,000.
“This spike in property prices was caused by an under-supply of houses relative to population growth, which resulted in a major blowout in prices over this two year period,” Mr Young told the daily.
“House prices in Sydney have been in recession for the last five years. In contrast other capital cities have recorded major growth in their median house price.”