"Our basic forecast for real estate prices in Sydney and Melbourne is that in 2021, their real estate prices will rise by 7.5% and 7%, respectively," said Gareth Aird, head of the Australian economy at Commonwealth Bank.
According to CBA figures, the price of detached houses in Brisbane is expected to increase by 2022% by December 12, compared with 16.6% in Sydney, 13.7% in Melbourne, 12.4% in Perth, and 17.7% in Darwin. Leading the country in rate.
Mr. Aird said that Australia is on the cusp of a boom in the real estate market, with a substantial increase in new loans in the past six months.
"Mortgage loan interest rates hit a record low, coupled with the V-shaped recovery of the labor market, which promoted the real estate boom." He said.
"In the short term, borrowing interest rates are the biggest driver of housing prices and are still lower than the real estate yields in most markets in Australia."
Mr. Aird said that the negative impact of COVID-19 on property prices is actually weaker than almost any forecaster expected.
"In the past three months, housing prices in all capital cities have been rising," Mr. Aird said: "In the second half of 2020, the rapid growth of new loans was stronger than we expected. Now, this new loan is providing for bricks and mortars. To provide the impetus for the price increase."
He said that although the impact of low mortgage interest rates on housing prices is expected to weaken in 2022, with the reopening of international borders, the acceleration of population growth will promote the basic demand for housing.
Queensland is also experiencing a new housing boom, with nearly 30,000 new homes expected to be built this year, which is nearly 4% higher than the forecast in April last year before the government adopted stimulus measures such as HomeBuilder.
(The copyright of this article is owned by The Australian)
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