{"id":106993,"date":"2021-01-04T00:16:10","date_gmt":"2021-01-04T00:16:10","guid":{"rendered":"https:\/\/precoinnews.com\/?p=106993"},"modified":"2021-01-04T00:16:10","modified_gmt":"2021-01-04T00:16:10","slug":"australian-house-prices-finish-wild-year-with-strong-growth","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/australian-house-prices-finish-wild-year-with-strong-growth\/","title":{"rendered":"Australian House Prices Finish Wild Year With Strong Growth"},"content":{"rendered":"

Australian home prices rose for a third straight month in December, capping a wild year in which prices dipped during the first Covid-19 outbreak, before rebounding strongly as the economy reopened.<\/p>\n

House values in major cities rose 0.9% last month, CoreLogic Inc. data released Monday showed. For the year, prices gained 2%, defying concern home values would plunge after coronavirus lockdowns pushed Australia into its first recession in almost three decades.<\/p>\n

Instead, Australia joined countries from New Zealand to the U.K. and the U.S. where property markets have surged during the pandemic, as record low interest rates fuel demand, pushing buyers to compete for a scarce supply of listings. The desire for more spacious houses as people worked from home has also buoyed prices.<\/p>\n

\u201cRecord-low interest rates played a key role in supporting housing market activity<\/span>, along with a spectacular rise in consumer confidence as Covid-related restrictions were lifted and forecasts for economic conditions turned out to be overly pessimistic,\u201d said Tim Lawless, head of research at CoreLogic. \u201cContaining the spread of the virus has been critical to Australia\u2019s economic and housing market resilience.\u201d<\/p>\n

The ability to work remotely also boosted property markets outside the big cities. Home prices in regional areas jumped 6.9% in 2020 — more than three times the increase in capital city prices.<\/p>\n

\u201cAs remote-working opportunities became more prevalent and demand for lifestyle properties became more popular, regional areas of Australia saw housing market conditions<\/span> surge,\u201d Lawless said. \u201cRegional housing markets
had generally underperformed relative to the capital city regions over the past decade, but 2020 saw regional housing values surge as demand outweighed supply.\u201d<\/p>\n

Read more: People Fleeing Big Cities Risk Overwhelming Small Towns<\/p>\n

While the outlook for housing prices this year is looking positive, \u201cclear and present risks\u201d remain, Lawless said.<\/p>\n

Sydney and Melbourne are battling new Covid outbreaks, and new restrictions would set back the economic recovery and have a negative impact on home prices, Lawless said. Closed international borders are \u201canother wildcard,\u201d with Melbourne and Sydney most impacted by a drop in immigration.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Australian home prices rose for a third<\/p>\n","protected":false},"author":3,"featured_media":106992,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nAustralian House Prices Finish Wild Year With Strong Growth - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/australian-house-prices-finish-wild-year-with-strong-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australian House Prices Finish Wild Year With Strong Growth - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Australian home prices rose for a third\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/australian-house-prices-finish-wild-year-with-strong-growth\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-04T00:16:10+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/cfntalkfoto1200x8009.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/australian-house-prices-finish-wild-year-with-strong-growth\/\",\"url\":\"https:\/\/precoinnews.com\/business\/australian-house-prices-finish-wild-year-with-strong-growth\/\",\"name\":\"Australian House Prices Finish Wild Year With Strong Growth - 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