Housing Industry News - August 2021
Melbourne’s winter not a deterrent for buyers
According to Domain, the property market has soared above its pre-COVID peaks with buyers not letting ?Melbourne’s winter get in the way of securing their dream home. Record low mortgage rates are also helping to stimulate the housing demand with Melbourne defying the odds of a typical winter with figures already showing that June 2021 was very strong in terms of the number of winter auctions. Chief Executive Stephen Dullens of Ray White advises that preliminary figures reveal the value of Melbourne homes sold for June 2021 is about “65 per cent higher than June 2019”. We will see Melbourne heading into a busy winter which is likely to push home values even higher in the coming months. [1]
The Real Estate Institute of Victoria (REIV) reported auction clearance rates of over 88 per cent as an average for the month July, which included a clearance rate of 94 per cent in the week ending 24 July 2021. This is a very positive result, as it demonstrates the continued strong performance of the housing market. [2]
?NAB Quarterly Residential Property Survey
As noted in NAB Quarterly Australian Residential Property Survey for Q2 2021, NAB Group Economics reports the housing market sentiment lifted to a new high, and dwelling prices are now expected to grow around 19 per cent in 2021. The survey also highlights the continued strong growth in house prices across the country with First Home Buyers now more willing to build or buy new builds, which is great news for builders and developers. [3]
?Melbourne median home price forecasted to increase by $150,000
The median home price in Melbourne is forecasted to have substantial growth by the end of 2022. It is projected that the uplift in property values in 2021 and 2022 will add almost $150,000 to the median property value in Melbourne. This is a great forecast for both homebuyers and investors. NAB chief economist Alan Oster states, “the positive recovery in the economy and labour market alongside very low interest rates has supported the strong rebound in the property market”. [4]
?I look forward to seeing the housing market continue to deliver confident results.
?Stay safe, stay positive.
?John Goris
领英推荐
Director and CEO
?References:
?1.???????Domain – [ONLINE] 03/07/2021
2.???????REIV – [ONLINE] 24/07/2021 ?
REIV Auction Results and Property Market Insights
3.???????Business.nab.com.au - [ONLINE] 26/07/2021
4.???????The Sydney Morning Herald [ONLINE] 26/07/2021