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House prices to keep rising in Australia's leading cities: survey

Xinhua, June 17, 2015 Adjust font size:

Sydney and Melbourne home prices are expected to keep rising, with experts saying the booming housing markets are either in or entering a "bubble".

A major survey of property experts has found that more than half expect Sydney house prices to continue rising for another six or 12 months, while three quarters believe more increases are on the way for Melbourne.

More than half the property valuers, financiers and analysts surveyed by the Australian Property Institute (API) also believe both cities are either in or entering a property bubble, the Trading Room publication reported.

Senior vice president of the API's NSW division, Ian Muir, said the survey indicated that Sydney home prices were expected to reach the peak of the city's property cycle in 2016 and move past the top a year later.

Melbourne is expected to pass the top of its cycle next year.

"In other words, residential property in both cities is seen as remaining near the top of the property cycle for some time," he said.

The findings come a week after Australia's central Reserve Bank governor Glenn Stevens described Sydney house prices as " crazy". Endi