Auctions go digital during lockdown, and house prices in suburbs across all capital cities soar as we enter August.
It seems that not even the economic uncertainty of continued lockdown events has dampened the countries appetite for real estate. In a survey conducted by Finder.com, close to one in seven Australians are reported to be considering a property purchase within the next six months. Approximately 7 per cent of those were looking to buy property as an investment.
Sales of luxury inner-city and CBD apartments are also on the rise, with buyers spending big money on prestige property with state of the art security and top of the line fixtures, finishes and amenities. Property traditionally sold to overseas buyers is now being marketed almost exclusively to domestic buyers.
Meanwhile, rents continue to increase at the greatest rate in over twelve years. CoreLogic’s national rent index has reported that national rents have recorded their highest annual growth since 2009, surging on average 6.6 per cent.
In the commercial sector, retail vacancies are on the rise. The fallout from the pandemic has also seen retail property values decrease in Sydney and Melbourne CBDs, something that will no doubt continue alongside a prolonged lockdown.
Download and read the full Market Essentials – August 2021 Report.