Australian properties are selling FAST!
Residential properties all around Australia are sold at record speeds while in low supply.
Economist Anne Flaherty stated in her report that the growth of selling residential properties is due to the following factors: record-low borrowing costs, government support packages for first-home buyers, and limited available stock.
“Buoyed by low rates, buyers are searching for more expensive properties than they were a year ago,” Ms. Flaherty said.
“They are also looking for more space, with inquiries for houses and land surging, while demand for units has softened.”
In her report, she observed listings are expected to increased and to be brought for the rest of 2021.
The latest CoreLogic home values data released confirmed Australia was in the midst of a housing boom, showing national residential property prices jumped 2.8 per cent last month – the highest rate in 32 years – to fresh record highs.
At the same time, data released by the Real Estate Institute of Australia showed housing prices had soared by more than 500 per cent over the past 25 years, with the median price surging from $160,000 in 1996 to $825,000 in 2020.
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