FEBRUARY 2021 MARKET UPDATE
Australian housing market rises at its fastest rate in 17 years over February
The Australian property values have grown at their fastest rate in 17 years over February 2021
This has been mainly due to :
- Government stimulas
- Record low interest rates
- Improving economic conditions
- Limited number of homes on the market
- Return of investors back into the market
The property market’s growth is “phenomenal” but it’s premature to talk about a bubble.
Sydney unit values recorded their first month of growth since April last year.
Auctions are attracting knock-out crowds and dozens of buyers, many with a sense of ‘FOMO’ — a fear of missing out,
which is driving prices higher and often smashing price expectations.
The big winners out of a rising market like this are those who are downsizing and are tapping out of a real estate market.
While low stock levels were making it difficult to find a home, the strong results would encourage more sellers to eventually list their homes.
This will help alleviate the heated conditions in certain areas.
Until we see new listings we will continue to see strong levels of price growth in coming months.
Please call us on 9756 3040 for a free market appraisal or to register for updates