The value of your home by 2020

Just what will happen with the price of your property? Professional property forecaster Terry Ryder gives his 2020 vision of what your home will be worth in the next ten years.

Reading the market has become an obsession. Inevitably, people everywhere are wondering if property prices are on the rise or set for a continued decline as we battle a looming recession.

Kevin Rudd's plan to provide mortgage relief to those who lose their jobs is likely to steady prices and is another factor home owners need to consider when deciding to sell their homes.

Reading the market is difficult - the only thing for certain is what has already occurred. On that basis, Today Tonight enlisted professional property forecaster Terry Ryder to provide his 2020 vision of what your home will be worth in the next 10 years.

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"I think you could say conservatively that house prices do double every ten years - but what we have seen in some cities in some parts of cities, house prices have doubled and trebled in the past six years," Terry said.

Terry's predictions seemingly deny the reality of the current global recession - he insists the downturn will end. If you hang on, Terry believes the roof over your head is could be the best investment of your life.

"Firstly, I think I'm convinced about real estate because it is so fundamental to Australian culture just to own your own home. Secondly, because the Australia has been under building for the last five or six years at a time when our population growth has been reaching record highs which means we have an under supply of dwellings," Terry said.

So for Terry, the message is clear - if you can afford to stay for the long haul, don't go anywhere.

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When Colleen D'Agostino bought her western Sydney home in 1998, she paid $265,000 dollars.

"We only just recently had it valued this week and it came in at $550,000," Colleen said.

And Colleen plans on staying.

"I think I'd rather stick around and see what happens - I'd rather take the risk. We've come this far and it certainly hasn't hurt us at all, hopefully we can double it."

Terry has predicted Colleen's family home will be worth $1.3 million by 2020, and he believes home owners in the rest of Sydney can expect similar results.

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The D'Agostino's aren't on their own. It's true for real estate across the board. An upmarket Sydney home was valued at $520,000 in 1999 and now it's worth $1.3 million.

"In the last ten years we've seen Brisbane prices grow probably faster than anywhere else in the country," Terry said.

An inner-city unit in Toowong sold for $136,000 a decade ago - today it's value has nearly tripled to $359,000.

An old Queenslander in Windsor was valued at $297,000 in 1999 - today it's valued at $800,00. By 2020, the property has been forecast to reach $1,725,000.

Property prices in Melbourne, considered underrated, are also set to increase in value by 2020, says Real Estate agent Tim Fletcher.

"Melbourne tends to be underrated by the market. It's got the strongest population growth of any city in Australia and that's a consistent long term trend with Melbourne because of overseas migration," Real Estate Tim Fletcher said.

"It has the cheapest residential land amongst the major cities and its overdue for a really big spike in values. There's no logical reason why Melbourne houses should be cheaper than Darwin or Perth's or Brisbane - certainly there is no reason why they should be $100,00 cheaper than Sydney's."

A Mitcham home, valued at $250,000 in 1999, is now valued at $450,000 - by 2020, it has been forecast to be worth $900,000.