Australian Property Market Forecasts

Australian Property Market Forecasts

How is the housing market in Australia? If you’re planning to buy property in Australia, you’ll want to check out the housing market situation before diving. The effects of the COVID-19 pandemic have significantly changed the real estate game, so to succeed as a real estate investor, you must do your research. In this article, we’ll cover Australian real estate market trends as well as the best places to invest in Australia for this year.

The current state of the market
The pandemic has had a massive impact on Australia’s real estate market. During the outbreak, many people have migrated from big cities to take up residence in the suburbs. Some are also moving into more affordable cities in different parts of the country. All of this has changed the property market, making it challenging to know when and where to invest.

Australian Property Values Will Increase
The latest home sales data shows that Australia’s new home sales in all states and territories soared over 90% in March 2021. Based on the latest SQM Research, Australian home prices rose 5.0% to 9.0% throughout 2021. According to Tim Lawless, ‘if the current growth trend continues, Australia might surpass the national home value index pre-COVID levels in early 2021’, this stood true.

Migration Trends
Many people also abandoned city life to start living in the suburbs and smaller communities with lower infection rates. Over the past several months, there has been an influx of renters from Sydney and Melbourne to other regional states such as Victoria and Queensland.

People will pay a premium to get a property in the right neighbourhood.
It’s not just the lot and the property type that will be most important. Post-covid people will realize the importance of living in the right neighbourhood. Workers will prioritize living close to work and will look for amenities within 20 minutes reach.

Investors will return as first-home buyer activity fades
Low-borrowing costs and government incentives in the early part of 2020 made it possible for many first-home buyers to own properties. However, as most first-home buyers get settled, the investors’ activity in the market is rising.

The Best Places To Invest in Australia in 2021
Australia is known for its highly competitive property market. It’s also one of the most expensive real estate in the world. Prices have increased very quickly in over a decade.

Queensland
Brisbane is in the middle of a property boom, and we’ve seen just how strong the market was in 2020. Thanks to interstate migration, new infrastructure, and affordable properties, Queensland will see another massive boom the rest of this year.

New South Wales (NSW)
With home sales rising in regional states such as NSW, these areas are predicted to benefit most this year.

Victoria
This year we’ll see many people relocating from big cities to more regional areas such as Victoria. Affordable homes and a quiet lifestyle will drive a lot of first home buyers in this region.

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