Many real estate and banking analysts are predicting that house prices may take a quick rebound in the early months of 2021. So far, house price falls had remained small but constant beginning in March of this year when the pandemic and lockdowns were starting to peak in Australia.
However, many analysts are predicting that this future house price increase in 2021 does not apply to the State of Victoria and its capital, Melbourne. This is because Victoria remains the only state still in pandemic lockdown. Should lockdowns in Victoria begin easing up perhaps this December or January of next year, house prices may start going up only towards the third quarter of 2021.
Pandemic hits house prices in a good way
House prices all over Australia actually fell only between 10 to 12 per cent, depending on real estate location. But this was more than enough to spark a rise in enquiries for properties primarily in the suburbs and outside major cities. This was because many so-called “city slickers” staying in apartments and commonholds decided to move to better homes and locations where quarantine and work from home conditions were far better.
Changes in interest rates was also an essential driver in real property prices over the long period starting last March and also contributed to the increase in real estate property sales. Many of these property sales are from first home buyers who were set to purchase in 2020 and were not affected by unemployment due to the pandemic.
Steve Cordenos Real Estate
The prediction for 2021 is the reason why top real estate companies such as Steve Cordenos Real Estate, specialising in real estate in Cairns, are advising to buy a home today. Should the “new normal” lifestyle start taking hold in 2021, any semblance of normalcy will see house prices begin to go up again early next year. Interest and mortgage rates may also make a comeback, raising house prices further. Don’t waste any time for that new home you’ve always dreamed of. Pick up that phone now and call 0418774994 or visit our website at https://cordenosrealestate.com/.