Property prices running out of puff
At least that’s the prediction of industry experts… It might not feel like that yet with the latest round of property price hikes in July delivering a jump of 1.6% nationally. Canberra (2.6%), Sydney (2%), Brisbane (2%), Hobart (1.7%), Adelaide (1.7%), Darwin (1.7%) Melbourne (1.3%) and Perth (0.3%) all posted gains. Looking back over the last 12 months, prices are up 16.1% across the capitals – the fastest rate of annual growth in nearly 17 years. And demand for housing outside the capitals remains strong, with the regional market jumping by 14.5%. But according to CoreLogic, the market is slowing because of housing affordability issues and the recent COVID lockdowns. And while analysts expect prices to rise by 20% this year, it’s expected to slow to around 7% next year. Hold on to your avocados…
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