Property prices are likely to keep roaring higher into further record territory next year, as the Australian economy’s stronger-than-expected recovery continues | jcollett_money
Property prices are likely to keep roaring higher into further record territory next year, as the Australian economy’s stronger-than-expected recovery continues.
He estimates the price of free-standing properties in Sydney are up close to 20 per cent in the past year, with similar properties in Melbourne up between 12 per cent and 14 per cent. Prices in regional areas also climbed, likely driven by those working from home in the wake of the coronavirus pandemic who are seeking a lifestyle change and cheaper housing.
Zigomanis forecasts that prices would remain robust for at least 12 months before moderating. He says with Melbourne’s economy traditionally highly dependent on migration growth – not only overseas immigration but also people relocating from other states – the closure of international borders would likely continue to see smaller price rises than in Sydney.
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