A strong December quarter saw Brissie hit a median house price of $616,387 according to the December 2020 Domain House Price Report.
Southern buyers seeking affordability and a sunny climate as well as continued low interest rates were driving demand, Domain reported.
According to mortgage broker and author Stuart Wemyss there’s good reason to think that growth will continue this year. Here are four reasons he outlined recently in Property Update.
- Property prices in Australia’s major capital city markets have grown at below average rates over the past five years. Averages don’t mean much – you still need to understand what’s happening in your local market and suburb. But it can suggest there’s wriggle room for price growth to resume when the economic conditions are right.
- Low interest rates have made it easier to borrow money to buy a home. In some markets it’s even cheaper to buy than it is to rent. When this happens, buyers dive in and demand can increase price growth.
- Government schemes are making it easier for home buyers to get on the property ladder. First timers can consider the First Home Super Saver and the First Home Loan Deposit Scheme. And the HomeBuilder scheme has been extended to the end of March 2021.
- Australia’s economy has battled through the pandemic with remarkable resilience. Loan deferrals which peaked around 10 per cent in 2020 were below 4 per cent at the end of October. While some are still facing financial stress, consumer confidence on the whole has rebounded to a 10-year high.
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