Understanding the level of vendor discounting in an area is important as it can help you determine the level of demand for property in the area.
While the pace of house price growth might be slowing, property markets are clearly still in a strong bull market.
Policy actions during COVID The Reserve Bank of Australia (RBA) has taken a number of complementary policy actions to support the Australian economy since the onset of COVID. The RBA has lowered its policy interest rate to near zero, set a target for the 3-year government bond yield, enhanced its forward guidance, commenced a program of purchasing government bonds and provided long-term low-cost funding to the banking system. I will explain each of these actions in more detail shortly.
The Chart Pack summarises macroeconomic and financial market trends in Australia and provides some information about developments for our main trading partners. The graphs in the Chart Pack are updated monthly.
Statement by Philip Lowe, Governor: Monetary Policy Decision
One of the reasons residential real estate is one of the best investment vehicles available to Australians is because of leverage.
International economic developments Members commenced their discussion of international developments with a cross-country review of economic activity and developments in labour markets during the pandemic. A recurring theme was that Australia had fared relatively well in terms of output levels and labour market outcomes. The December quarter 2020 national accounts showed that GDP in Australia had recovered to close to pre-pandemic levels, whereas GDP was still considerably below pre-pandemic levels in many other countries. The loss of output over 2020 as a whole had also been smaller in Australia than in many other countries. This reflected both the relatively smaller initial decline in output in Australia and the swift recovery since then.
Over the past 12 months, we’ve started to see a lot more interest in both buying and selling property off-market.
The exceptionally strong growth in house prices shows no sign of slowing down with the latest data from CoreLogic showing dwelling values are rising at the fastest rate in 32 years.
Property prices across Australia continue to surge higher with the latest house price data showing another big jump in February. According to the latest data from CoreLogic, house prices rose by 2.1% across the nation, marking the largest jump we’ve seen since 2003.
2021 has started in strong fashion as most property markets across the country continue to see rising prices. According to the latest data from CoreLogic, house prices are up once again in February and it appears that the big banks are also predicting significant price gains over the next 12-24 months. Month to date, house prices in our major capital cities are 1.2% higher according to CoreLogic, taking the year to date gains to 1.4%. Out of Australia’s five largest cities, Perth has so far been the strongest this year, with gains of 2.4% followed by Brisbane at 1.5%.
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House prices across the nation have carried on where they left off last year, with values increasing in January.
When the time comes to sell your property, whether an investment or the family home, there are a number of small things you can do to achieve the very best result you can. The most important thing to consider when you are trying to sell you home is that if you want to get a price above what the market might consider its fair value, then you need to get multiple buyers competing. So what can you do to ensure your property appeals to as many people as you can?
Despite experts suggesting house prices were going to see a sharp contraction in 2020, the latest data indicates the opposite has occurred. According to CoreLogic, house prices increased in value across the country in 2020, finishing the year 3.0% higher across the nation.