We are experiencing huge no. of the auction and lightning-fast sales as we can see the Homes are selling for 10’s and hundreds of thousands of dollars above the asking price.
We are looking at many first home buyers and professionals buying properties and adding up into their portfolio.
According to NAB, “They have revised their forecast for the property in 2021 and for 2022 admitting that a housing market had feed significantly better than expected over the last year”.
For 2021 they have forecasted an 8.9% increase in house prices.
For 2022 They have forecasted a 7.4% increase in house prices.
What we are experiencing now is the number of new listings is comparatively low and the buyer’s demand on the other side is surging up resulting increase in dwelling prices over the past year.
What we can get out of this in the coming future.
- Investors will squeeze out first home buyers. As the investors will re-enter the market increasing the competition and the price value respectively. Where first home buyers demand will fade out.
- People will pay premium prices to get to their right neighbourhood.
- 2021 will be the of Surprises and recovery.
- We will small homeowners will upgrade their lifestyle.
- Tenants who have saved up on their money will be seen taking advantage of all the benefits and incentives provided by the government.