Despite repeated lockdowns imposed across the country, the country’s housing sector remained promising and growth is expected to hit an all-time high by the end of the year.
In fact, experts estimate that it is likely to hit $9 trillion by the end of the year. The growth, according to a projection by property think tank CoreLogic as reported by the Business Insider.
The growth, according to some estimates, is largely driven by remedies rolled out by the government and lenders themselves as a way to mitigate the impact of the massive lockdowns to the property market.
Experts are confident that the housing market will end on a high note this year after hitting an unexpected milestone by hitting $8 trillion in the first quarter of this year. This, despite the massive lockdowns and travel restrictions imposed across the country.
With this, homebuyers can expect a competitive market throughout the remainder of this year as home values are likely to increase at least 5.9 percent by year end.
Promisng housing sector ahead
According to experts’ estimates, the positive outlook in the country’s housing market is driven by the increase of housing values across the country, which reached as high as 20 percent in some capital cities.
For example, in Sydney, the median price for a typical property is now pegged at $1.3 million–that’s 140,000 higher than the median housing price for the previous year or 12% higher.
With the surge of support from the government in the form of subsidies, loans, or interest rate cuts, more and more homebuyers are expected to participate in the market once the economy is starting to reopen.
If you are planning to purchase a property anytime soon, make sure that you are equipped with the right information considering how tricky the property market is right now. To avoid unnecessary stress, talk to one of our seasoned agents today. Visit our website or schedule your appointment by calling 1300 55 10 45.