On December 1, 2020, with almost all state borders reopening, the real estate rebound is expected to continue.
While experts predicted doom and gloom for the market throughout this unprecedented year, it seems that nothing can stop the real estate juggernaut as 2020 draws to a close.
ABS data shows that owner-occupier lending has now hit an all-time high. Westpac Chief Economist Bill Evans also predicts that the market will consolidate its losses between April and June 2021, with the market tipped to accelerate and expected increases of around 15% over the remainder of next year.
During November auction volumes rose across all capital cities. Most centres recorded the highest number of auctions held since April this year. Clearance rates held steady at 73.6%, indicating that the market is continuing to rebound.
Investors with inner-city property are being encouraged to “hold on” rather than sell as international students may soon be allowed to return to Australia. Educational institutions have been lobbying the government to expedite their international students return and have plans in place ready to welcome students in early 2021.
Analysis predicts student numbers for 2021 will exceed their 2019 peak once international borders reopen.
Download and read the full Market Essentials – December 2020 Report.