National property prices in Australia is expected Skyrocket in 2021

National property prices in Australia is expected Skyrocket in 2021

According to Terry Rhyder, an expert in properties, he expects a nationwide property boom. Although he has few doubts about that and his confidence is strengthened by the number of commentators who are now forecasting a year of strong growth. It’s not often they see all kinds of analysts agreeing about what will happen with property prices. Pretty much everyone with a public view about the direction of real estate markets – economists, media columnists, various attention-seekers and genuine real estate analysts – have been unanimous in tipping substantial price growth in 2021.

It’s not so long ago that major media, fueled by pessimistic economists, was strident in declaring an impending collapse in property values. The latest figures from CoreLogic suggest that all capital cities except Melbourne had price growth in 2020, with Canberra, Adelaide, Darwin and Hobart all rising between 6% and 9%. Sydney , Brisbane and Perth all recorded moderate growth in their house prices, in a year when most of the nation’s cities defied the pandemic and its negative economic impacts. That’s a commendable performance but the capital cities were out-done by many of the regional markets.

House prices rose 12% in Regional Tasmania , 8.8% in Regional NSW , 7.8% in Regional South Australia , 7.3% in Regional Queensland and 5.5% in Regional Victoria . Unit markets also did well in the regions, with price increases headed by South Australia and Tasmania . NSW, Victoria and Queensland all recorded unit price rises between 5.5% and 6.5% in the regional areas. The only regional market to record price decline was Western Australia, which dropped both for houses and for units.

These figures show that the momentum for a national property boom is already building and indeed that some markets are already surging strongly. Few things generate momentum in residential property markets like big spending on new infrastructure and politicians have shown they are willing to put their budgets into debt to fast-track projects that are shovel-ready or close to it.

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Source: Terry Ryder


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