PHOTO: Despite economic uncertainty throughout 2020, Australians confidently embraced the housing market, pushing sales volumes beyond even 2019 levels — with Millennials leading the charge.
Cameron Kusher, director of economic research at REA Group said despite all the challenges of 2020, the overall volume of residential sales was 9.6 per cent higher in 2020 than in 2019.
“While both capital cities (10 per cent) and regional markets (20.3 per cent) recorded increases in sales, the stronger lift in regional sales volumes confirms the very high regional search activity we were tracking on realestate.com.au resulted in an increasing number of people making the move out of capital cities,” he said.
“Western Australia saw the biggest lift in sales over the year (30.2 per cent) with large increases in both Perth at 23.4 per cent and regional Western Australia at 50.7 per cent,” Mr Kusher added.
“The areas with the largest increases in sales over the year were dominated by regional markets and outer capital city areas, highlighting a shift in population perhaps driven by the prevalence of working from home and lifestyle changes,” he said.
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