PHOTO: Australian property
At the height of the pandemic down under, few in the real estate sector were predicting the property market would look quite like it does as 2020 comes to a close. By December, research group CoreLogic recorded price growth in every capital city and reported that regional markets were outpacing the big smoke. So what does 2021 have in store?
National real estate agency Upside has released its annual State of the Australian Property Market Report 2021, in which it forecasts the top 21 suburbs set for growth next year.
“In 2021, we expect to kick off earlier than usual with strong volumes after a build-up of properties that did not go to market in 2020, which could see prices momentarily drop as supply increases,” said Upside Realty director of sales and operations James Kirkland.
“Nationally, we have already seen a 3.1 per cent increase in median house values compared to this time last year. House prices are increasing, helped by lower interest rates, substantial government stimulus and a bounce in confidence as the pandemic comes under control,” he explained.
“Consumer confidence is at record highs, coupled with historic low interest rates, stamp duty reforms (in NSW and Victoria) and talk of vaccines hinting at a return to normal in the new year – 2021 looks set to be a very healthy year for the property market with house prices across the nation on the rise again,” he said.
Unsurprisingly, and in keeping with the ‘escape to the country’ phenomenon brought on by COVID-19, the report showed the biggest changes were in regional areas within a commutable distance from capital cities.
To read the full report, click here.
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