There have only been two other property price booms which exceeded the one Australians experienced last year. This is what happened.
In capital cities, dwelling values surged by more than 20 per cent and it was even higher in regions, where prices jumped by 25 per cent. Overall, the increase was around 22 per cent.
The second boom came in 1989 after a range of regulations in the finance industry were removed and this improved people’s access to loans, pushing prices up by around 29 per cent. Australian long run house price growth adjusted for inflation. Prices prior to 1986 use Stapledon estimates for Sydney and Melbourne, inflation adjusted using consumption deflator. Source: ABS, Stapledon 2012, PropTrackHowever, he pointed out during the recession that followed, bank losses mainly impacted commercial property, although residential property was also affected.
Mr Moore said they had not yet set a forecast for 2023 but still expected 6-9 per cent growth in prices this year in capital cities.Mr Moore said he thought Australia had learnt the lessons of the global financial crisis in 2008.
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