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Bill Evans at Westpac:
The housing market upturn that emerged in the third quarter last year has strengthened and broadened materially through year-end with all aspects now showing strong gains. Turnover is up 25% over the year, prices nationally are pushing above their pre-COVID levels, dwelling approvals surged 22% in the final quarter of 2020, and new lending for dwellings lifted by 16% in the December quarter following a 20% gain in the September quarter.
Some of this reflects transitory factors – a catch-up on last year’s virus disruptions, an unusually active holiday period for markets (no doubt in part due to many Australian’s staying home due to travel restrictions), and a temporary pull-forward in construction associated with the Federal Government’s HomeBuilder scheme.
Property prices set to boom 16pc, says CBA
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The property housing market is on the verge of a boom and property prices are expected to rise as much as 16 per cent over the next two years, Commonwealth Bank economists have forecast.
Property prices are set to boom.
Peter Braig
“The Australian housing market is on the cusp of a boom,” CBA’s Gareth Aird said in a note to clients on Monday.
The bank economists expect national dwelling prices to rise by 8 per cent in 2021 and 6 per cent in 2022 and a result “tilted towards stronger outcomes” was more likely.