http://au.news.yahoo.com/nsw/latest/a/-/newshome/10139426/7news-exclusive-sydney...Four out of five property experts say Sydney house prices are on the way up again, according to a 7News survey.
While the market has calmed recently, showing minimal growth, real estate aficionados say the time to buy is now - as it's only going to become more expensive.
"We'd say that Sydney house prices would move in a range of five per cent per annum over the next five years." says Andrew Wilson of Australian Property Monitors.
Prospective house buyers waiting for a bargain may be disappointed by what John Edwards of Residex predicts, "We'll see growth of up to seven per cent a year – the correction has already occurred."
Luis Christopher from SQM Research, "The Sydney housing market is likely to do maybe three to four per cent per year. The first two years though are going to be quite flat, as mentioned, the big X factor is what the Reserve Bank does with interest rates."
"We won't see these big spikes where we get 10, 15, 20 per cent growth in one year. It will be slow and steady and match what's happening with inflation." says Cameron Kusher, a senior research analyst from RP Data.
Not everyone is as optimistic, Dr Steve Keene wonders where people will find the money to buy houses priced that high, "I've got an overwhelming demand for Lamborghinis, but I can't afford to buy them. You've got to borrow money to buy a house." he says.
The prediction consensus from the 7News survey suggests that many houses in Sydney suburbs will rise above the $1 million mark in the coming years.