Sydney on the lead! Australian property price continues to Rise!
Property prices in Australia keeps rising!
Last week alone, property value in 5 capitol cities increased over 0.6%. An overall 6.9% increase over 5 major capitol cities in the past 3 months.
The overall housing prices in Australia is rising rapidly, of which, Sydney's property prices went up by 0.7% last week. As of now, Australia's real estate price have risen up to 8.8%. It is predicted that a further 20%-30% rise would occur. The rapid rise will last until 2024.
REA mentioned that compared to last year, buyer demand grew by 18.2%, of which apartment demand went up by 30.5%, and house demand increased by 15%. The current trend in the market reflects that apartment price will peak again. It was forecasted that quality apartments will be hard to come by, and along with buyer's demand, it is inevitable that apartment price will rise further.
Source: 2021 CoreLogic & REA Insights
