After a bumpy 2020, 2021 has rewritten the property record books.
From property price growth to interest rates, to new home buyers, to refinancing – no matter which way you look records have been broken.
After 2020, a year fraught with the effects of the global COVID-19 pandemic that wreaked havoc on world markets, forcing families into their homes with lockdowns and businesses to shutter their doors, 2021 saw the advent of safe & effective vaccines and despite the lockdowns, 2021 was an amazing year for anyone involved in property.
For many people, their home or investment properties earned more than they did as property values reached new highs and real estate record sales prices were smashed.
Here’s a summary of the 2021 property market:
- Prices rose at the fastest pace in more than three decades
- Australians became wealthier than ever before
- Mortgage rates hit historic lows
- A record number of new listings of properties for sale
- Demand for housing hits record highs
- Properties sold at records peed across the country
- Property sales volume soared
- Rentals finally rose
- Capital cities experienced a net loss of people
- Demand for regional property soared, fuelling record-breaking price growth
Moving forward, it seems property prices will continue to grow into 2022 but at a much slower pace. With the start of 2022 we have already seen a slight slowing down of buyer enquiry and housing demand.
Remember, if you need any help or advice, we are just a phone call away.
All the best, Simon (0408 734 419)
Source: Michael Yardley’s Property Update