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Australia’s property market is booming, but what does that mean for those hoping to buy, renovate and sell homes in the next 12 months?

WORDS DAN F STAPLETON

Remarkable. Dramatic. Unprecedented. That’s what experts are calling the Australian property boom that began late last year — and it’s not just because prices are rising quickly. “What’s most unusual is how widespread the upswing has been,” says Eliza Owen, head of Australian research at CoreLogic Australia. For statistical purposes CoreLogic divides the country into 100 sub-markets that it monitors individually. Of those sub-markets, 97 per cent have seen an increase in property values over the past 12 months. “There are very few pockets of the market that aren’t enjoying an increase in value, which presents an incredible opportunity,” says Eliza. So, why is the housing market so hot right now? “The biggest factor is interest rates, which are currently lower than we’ve ever seen them. When interest rates fall,…

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Inside Out (Digital) - 1 Issue, July 2021

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