How to update Gradle dependencies to their latest version

This is all I’ve been able to come up with. I will happily accept another answer if there is a less manual method of doing this.

1. In Android studio I replace every dependency version with a plus example: compile 'namespace:package1:+'

2. Sync or build the project which will cause all the dependencies to be resolved to their latest version.

3. In Android Studio place the cursor on each dependency line in build.gradle and press alt+enter a menu pops up and you can select Replace with specific version