Welcome to @realty’s Australian property update for June 2021.
There is zero doubt that we’re in a housing boom, but will prices continue to rise and for how long is the question everybody is asking. According to a Westpac’s quarterly report released this week, we’re in a fully fledged boom. The report also predicted house prices across Australia will rise by 15 per cent by the end of the 2021 before slowing to just 5 per cent in 2022.
According to core logic, house markets around Australia continue to surge in May, showing a massive 2.2% growth rate over the month, a .6% drop from the high growth we saw in March. This demonstrates that despite rising prices and some steam coming out of the market, we are still seeing strong buyer activity.
Cameron Kusher from REA Australia, expects property prices will continue to rise, however, with a better balance between demand and supply, its most likely that price growth will slow over the coming months toward the end of the year.
There’s still a lack of supply in the market, which could be from homeowners potentially holding out on selling and trying to time the top of the market. However, according to Core Logic, “it seams most likely that the extraordinary growth rates seen through the start of the year is not sustainable and will gradually trend down due to affordability constraints, an increases in supply and tighter lending conditions.”
To learn more about the Australia property market, you can find more free videos like this on our website or speak to your local at realty expert in your area. If you’re looking to sell or buy, @realty is yaur expert in property in 2021 and we look forward to helping you on your property selling journey.