Australia’s response to the pandemic has equipped the property market to rebound strongly in 2021. In fact, the country’s property market has surged through a record-breaking 12 months as prices rose at the fastest year-on-year rate in history. To be exact, Aussie house prices rose a staggering 21.9 per cent, according to Domain’s End of Year Wrap for 2021.
So far this year, here are the latest property market updates you should know:
- Commonwealth Bank’s head of Australian economics, Gareth Aird, expects house prices to rise a further 7 per cent in 2022, followed by an orderly correction in dwelling prices of 10 per cent in 2023.
- On 29th January, Australia’s real estate market is tipped to rise by nearly 10 per cent in the next 12 months, according to REA Group’s PropTrack Property Market Outlook 2022 Report.
- According to a report from Domain, property investors are set to snap up homes and apartments across Australia in 2022, as interest rates remain low and rental vacancy rates continue to tighten.
- The same report revealed that according to other experts, property values will keep climbing this year, but at a much slower rate as affordability constraints and tighter lending standards ease buyer demand and price growth.
- In the 12 months to January, national property values are up 22.4 per cent bringing the annual growth rate to its highest level since 1989. The median Australian dwelling is now about $130,000 pricier than it was at the start of 2021.
- Sydney’s median house price increased 0.8 per cent over the month to $1,389,948 with apartments up 0.1 per cent to $837,640.
- In the last 12 months, there has been a 31 per cent rise in house prices in regional NSW. This is followed by 29.7 per cent growth in Tasmania and 26.1 per cent in regional Queensland.
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