What Will Australia’s 2021 Property Market Bring Us?
From the year that was to the year that will be. 2020 proved to be tough in markets globally and locally. From an announced recession to a rise in unemployment rates, all the experts had scoped that 2020 would be a year of losses across the board.
However, it wasn’t as doom and gloom as was expected, leading into 2021 as a year full of promises. But what are the top three trends we’re expecting to see this year?
1. The demand for purchasing will continue to rise
With Australia declaring a recession for the first time in decades midway through 2020, the property market was set to crash. However, despite the headlines – interest in residential properties has skyrocketed.
Stimulus packages still being issued to the government combined with borrowing costs at an all time low, the economy is working in favour for people looking to purchase.
2. Property prices will continue to climb
As the safety of the economy is cemented with Australia managing to control the pandemic, 2021 will see the property prices continue to climb, following the trend of the last few years.
First homeowners are jumping back into the market, with a reported 30% jump in home loan applications in the last quarter. This means that the market is safe for those selling, and for those
buying – there’s never been a better time to turn the dream into a home.
3. Big city dwellers seeking a sea change
Urbanisation seems to be on-hold, particularly in Melbourne and Sydney. More and more people are searching for a sea-change and making moves to Queensland or regional areas.
Ben Burston, a chief economist, confirms the trend, ““Regional cities like Wollongong, Newcastle, Geelong and the Gold Coast will see accelerated growth,” he said.
“They have sufficient scale and critical mass of service sector jobs to continue to develop rapidly, while also benefitting from a tilt in lifestyle choices due to the pandemic that will see some people opting for a less CBD-centric working life.”
With these three predicted trends, there’s never been a better time to jump with two feet into the market. Don’t know where to start? Contact Balfour Homes today.