April 12, 2021

#96: Market update - Hot Property - median home values, largest property rise since 1988, stock on the market, capitals vs regionals and mor

41 minutes

https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's market update #20, Dave, Cate and Pete take our listeners through: 1. Hobart median dwelling values Despite being the capital city with the smallest population, median home values in Hobart are higher than Brisbane, Perth, Adelaide, and Darwin. The trio explore the reasons behind this surprising statistic. But is it sustainable? The Property Buyer thinks yes! 2. Melbourne growing at 1% a fortnight At last, the data is catching up with what we've been seeing since the inflection point in the final quarter of 2020. The median price for homes sold at auction has soared 18% since March last year. 3. Why stock on the market is still so low In economics 101 we learn that price is a function of supply and demand. With supply still so low, it's no wonder that we're seeing the highest monthly rises in value since 1988. The trio discuss why new listing figures have returned to normal levels, but total stock on the market remains at half the usual level. 4. Escape to the regions For the first time since covid lockdown, monthly data shows that combined capital cities have come ahead of regions in monthly growth statistics this month. This reflects what we've seen anecdotally, with the number of enquiries of people looking to sell up their city homes and move to regional areas decreasing as life returns to 'normal'. 5. How long will the frenzy last? The trio make their predictions for the property market in 2021. The consensus is that there is still a lot of steam and heat to go. Until we see some lending or macro prudential changes, we don't expect to see the buying conditions easing for some time. 6. Relaxation of responsible lending guidelines The Property Planner explains the expected impact to the property market if responsible lending laws are amended as planned by the Morrison Government. 7. Australia the ultimate destination nation Although it may not happen this year, when boarders open up again allowing for immigration, we expect this will add more entrants into the property market, further fuelling the fire into 2022. 8. Many purchasers are dropping out for fear of overpaying Although no one wants to buy at the peak of the market, the risk you take by holding out is that you're priced out of a market that you could have bought into. Provided that you plan for holding the property for the long-term and it fits within your overall property plans, now is the best time to buy. 9. Top tip - don't bypass the properties that have been on the market for longer The Property Professor shares this hidden gem for finding a great property. 10. And of course, our 'gold nuggets' Visit the show notes - https://propertyplanning.com.au/hot-property-median-home-values-largest-property-rise-since-1988-stock-on-the-market-capitals-vs-regionals/

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