/ 02 June 2021

That’s a bit steep…

If you’re trying to crack the housing market, look away… Property prices continued their upward trajectory in May, with every capital city posting gains. Hobart (3.2%), Sydney (3%) and Darwin (2.7%) led the pack, with 97% of Australia’s local government areas recording “extraordinary” growth over the past 3 months, according to CoreLogic’s Eliza Owen. Why? It’s thanks to a ‘perfect storm’ of booming consumer confidence, record-low interest rates (which was again held at 0.1% yesterday), improving economic conditions and strong demand. That’s seen first-home buyers increasingly priced out of the market as investors muscle their way in. Economists reckon things could ease up as more properties come onto the market in the coming months. But at this rate, median prices for a home in Sydney will crack the $1 million mark in the next month or 2…

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