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The Australian housing market recorded another price surge of 2.2% in May. Following a 32-year record in March of 2.8%, and a slightly slower month in April of 1.8%, the strong result in May indicates that the housing boom may not be ready to slow down yet.
Despite the largest contraction in global economic activity since the Great Depression of 1930, Australia’s economy is in far better condition than most other countries around the world thanks to the effective management of the COVID-19 health crisis. The recently released 2021-22 Federal Budget looks to build on this success and further secure Australia’s economic recovery.
While the Australian housing market records another month of strong growth, recent data suggests that there are numerous suburbs around the country where supply is not meeting demand, with both tenants and buyers in increased competition to secure property.
It wasn’t too long ago that property market commentators, along with chief economists and financial institutions, were predicting a prolonged crash in dwelling values. However, Freedom Property Investors Co-Founders Scott Kuru and Lianna Pan knew that this period in time would soon become one of the best opportunities that property investors have seen since the Global Financial Crisis.
The Australian economy has weathered the health crisis of 2020, and is showing signs of rebounding that has exceeded the expectations of many.
In the latest housing market data, housing values rose 0.9% in the month of January 2021, taking Australian home values to a record high, surpassing pre-COVID levels by 1.0%.
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