Australian Property Price Increase Predicted To Continue
As properties become unaffordable
Property prices across Australia are continuing to surge, with experts predicting the rise will slow down but continue.
Despite stagnant wage increases, the Australian property market is continuing to increase with experts predicting prices will continue to soar at a slower rate.
According to research from the Australian Property Research Institute and The Search People, property prices across the country will continue to increase irrespective of already unaffordable housing prices.
Property values are up by nine percent throughout Sydney and regional New South Wales, while Queensland is reportedly near 14 percent exceeding previous record highs, with other areas throughout Australia also on the rise.
Core Logic’s Tim Lawless says investors are not the ones driving the surge with owner occupiers and first homeowners saturating the market.
“We have been seeing owner occupiers dominating this growth rebound to the extent where first home buyers were nearly at record highs…”
- Tim Lawless
A recent survey of property valuers has reflected that a sizable amount of Australian’s have begun to over-borrow in attempt to enter the market.
This is said to be as a result of first homeowners failing to invest in other areas, low interest rates and a concern they may miss out on finding a home due to a scarce supply of properties.
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