2021 has started solidly as most property markets nationwide continue to see. According to the latest data from CoreLogic, house , and it appears that the big banks are also predicting significant price gains over the next 12-24 months. Month to date, in our major capital cities are 1.2% higher, according to CoreLogic, taking the year-to-date gains to 1.4%. Out of Australia’s five largest cities, Perth has been the strongest this , with revenues of 2.4%, followed by Brisbane at 1.5%.
measure, with Sydney and Melbourne notably feeling the effects. Similarly, been two of the strongest performers over the past decade. Rising are also the story we hear from Australia’s central banks, which have recently updated their property forecasts for 2021 and beyond. For the most part, the appears to be incredibly strong for homeowners and investors as prices continue to be boosted by record-low interest rates and the fallout from the various Government incentives we’ve seen over the past 12 months.
CBA updated itsrecently and is bullish on property across the board. We must note that CBA was one of the most bearish when COVID-19 first hit, and they have now their tune. CBA in our major capital cities to rise 8% in 2021 and 14% by December 2022. They predict Perth and Darwin as the strongest markets in 2021, with 10% and 12% gains, respectively. It’s also worth noting that Perth and Darwin were two markets that have been the hardest hit over the past five years, falling in value when the East Coast of . NAB’s are also very bullish and almost in line with CBA’s. NAB expects house prices to rise by 7.9% in 2021 and 6% in 2022.
NABmarkets in 2021, rising in value by 10.1% and 9.7%. ANZ was one of the first to come out with bullish predictions, and they are also expecting more upside in 2021. ANZ expects Perth property prices to grow by 12%, while Brisbane and Hobart will also see near double-digit growth. So far in 2021, these forecasts appear to be well and truly on track, with prices up around 1.4% this . At the current rate, we are likely to see prices rising around that 8-10% level, which means homeowners and investors alike will be in for a solid 12 months.