WOW!!! The 1st Half Year 2021 Property Market Results are in.
Nationally for the first half of 2021 property prices have risen 13.5%. We are experiencing double-digit growth with many of the major banks predicting property price increases for 2021 at 16% or above. Combined capital cities reporting a 12.4% growth with regional areas taking the cake highlighting a 17.7% increase. Unites prices rose 6.8% with house prices taking the lead and rising 15.6%. The last time we experienced this growth in Australia was back in 2004 after the early 2000s boom. And while the market is booming now, and more people take advantage of the massive price increase, stock levels are still down by 24% below the five-year average.
There are signs of easing. According to an analysis by CoreLogic properties in the top 25% of values across the capital cities for the first time in 9 months have fallen. The figures for June in the high-end segment sitting at 8% which is down from the last three months to May from 9.2%. Of course, this is still in the green but a strong sign that things are beginning to ease and it is likely the rest of the market usually follows the movements in the high end.
New listings are up on the five-year average at 7.9% with a total of 126,320 properties listed for sale in the second quarter of 2021. However, in the same period, CoreLogic reported a total of 167,450 sales. More properties are being sold than there are listed with supply still struggling to keep up with buyer demand. With increasing prices buyers are showing more caution and time on the market is extending slightly. Nationally it takes on average 29 days to sell and locally it sits around 36 days.
PALMWOODS SNAPSHOT STATS
House Value Increase (2021) = 30%+
Median House Price = $623,000
Average Weekly Rent = $600pw
Average Days on Market = 36
Properties for sale = 32
Total sales year to date = 84
Queensland Property Value Increase (2021) = 13.7%
Queensland Forecast 16%+
NATIONAL STATISTICS
National Buyer Demand = UP 50%
National Stock Levels = Down 12.9%
Annual House Value Increase = 13.5%
Combined Capital Cities = 12.4%
Combined Regional areas = 17.7%
Auction Clearance rates combined = 82.5%
LENDING RATES AND REPAYMENTS
Australia’s current cash rate = 0.10%
Best lending rate = 2.59% variable 1.99% fixed
Average loan repayments = $582.00
Average loan repayments = $532.00
