News by Tarric Brooker Since the pandemic arrived on our shores a little over a year ago, the Australian property market has been on quite the rollercoaster of highs and lows. This time last year, sellers were often accepting 10 per cent below their asking price and predictions of prices falling almost a third were coming from some of the big four banks. But with record-low interest rates and government stimulus starting to flow into housing, thebroader market bottomed out and began its climb to current heights. Rather than crashing, property prices are currently growing at the fastest rate since the late 1980s.
National property prices surged by 2.8 per cent in March - the fastest monthly pace since October 1988.
Sydney did even better with median house prices surging by 4.3 per cent in little more than four weeks to an even more unaffordable $1.112million, CoreLogic data showed.
While house prices are growing, apartment values aren t going up at quite the same pace, with national unit values last month edging up by 1.9 per cent.
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Australian property price growth is expected to slow later this year with city apartments and houses in the far outer suburbs most at risk. Pictured are houses at Cecil Hills in south-west Sydney
Digital Finance Analytics is expecting house prices in Sydney and Melbourne to dive by 8 per cent in 2022, despite predictions from the big banks of a double-digit surge in values next year.
In recent months there s been an astonishing spike in house prices across the country.
Sydney prices had the most rapid rise, up 3.7 per cent while housing values in regional areas rose 11.4 per cent over the past year.
Guest: Martin North, Principal of Digital Finance Analytics
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