House prices in the southern desert city of Phoenix, Arizona, have jumped an unprecedented 35 per cent in the year to June, forcing many out of the market entirely. It's a familiar story, but what happens next in the US could have a trickle-down effect on the average Australian household.
Renowned for its year-round warmth, specular vista and expansive red dirt fields dotted with giant cactus, the Valley of the Sun has long been the holiday mecca for those living in northern states during the harsh winter months.
"It's kinda like we're on hyperspeed now, everything is super fast. If you hesitate, you're out," real estate agent Jeff Fields said.Jeff Fields has seen an extreme demand for property in Phoenix."Some properties are receiving as much as 20 to 30 offers on the day [of listing]. That's how crazy our market has shifted," Mr Fields said.There are a few factors at play, but the phenomenon that's shaking out in Phoenix isn't isolated.
The Guerreros — who are thinking of starting a family — finally managed to secure their first home in May, but it certainly wasn't an easy journey.
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