Australia’s housing market is experiencing a BOOM!
All signs are indicating that we are experiencing a once in 10+ year property boom! According to CoreLogic’s figures, research director, Tim Lawless, has indicated that the last extended growth period we saw at these levels was mid-2009 to early 2010. So how long will this last?
- Combined regional value annual growth is exceeding capital cities growth (2.6% compared to 9.4%).
- Regional Queensland has almost doubled the growth of Brisbane at 9.2% compared to 5%.
- Nationally, new listings jumped 52.4% from January 2021 to February 2021.
- Nationally, new listings were down by 2.7% compared to 12 months ago.
- Vendor discounting rates are at a record low of 2.6%, a strong indication that the current market favours sellers.
- Auction clearance rates are consistently high at 70% and 80%+.
The factors contributing to such heat can be attributed to record low-interest rates, government incentives, low property supply rates and an improving economy. Nobody can predict what will happen in the next 3, 6 or even 12 months however I am confident with the increasing number of buyers looking for a sea or tree change will continue to support positive growth on the Sunshine Coast. And while more properties have been listed with more appraisal activity happening, I believe many locals will hold on to their home in favour of trying to find something else. With limited stock availability, this will continue to give sellers an upper hand and added pressure to the buyers who don’t want to miss out on purchasing something. I do feel that the heat may slow some of the urgency and price levels we’ve been seeing and remain confident in the advice that if you were considering a sale now is always the best time to take action.