{"id":31080,"date":"2021-03-08T12:17:21","date_gmt":"2021-03-07T23:17:21","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=31080"},"modified":"2021-03-08T12:17:21","modified_gmt":"2021-03-07T23:17:21","slug":"pandemic-property-boom-will-it-get-too-hot-to-handle","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/pandemic-property-boom-will-it-get-too-hot-to-handle\/","title":{"rendered":"Pandemic property boom: will it get too hot to handle?"},"content":{"rendered":"

PHOTO: House prices in Australia jumped by 2.1 per cent in February the biggest month-on-month gain in almost 18 years. <\/span>CREDIT: <\/span>BLOOMBERG<\/cite><\/strong><\/p>\n

Here we go again \u2013 interest rates are at an all-time low and housing markets are running hot.<\/p>\n

Property tropes missing from the city\u2019s narrative for years are back in the news. Dumps are selling for squillions; big crowds are showing up at auctions; reserves are being smashed.<\/p>\n

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House prices<\/a> in Australia jumped by 2.1 per cent in February, the biggest month-on-month gain in almost 18 years according to CoreLogic\u2019s national\u00a0home value index.<\/p>\n

A year ago, as the coronavirus pandemic took hold, a swag of experts predicted a house price rout. But the unprecedented government stimulus unleashed to nurse the economy through the pandemic crisis has been very favourable for residential property.<\/p>\n<\/div>\n

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The boom has been led by smaller cities and regions, which attracted many new buyers during the pandemic. CoreLogic\u2019s figures show during the past year dwelling values have risen by 11 per cent in regional NSW and by 8.3 per cent in regional Victoria.<\/p>\n

But big cities are catching up. The median price of a standalone house in Sydney rose by an eye-watering $4200 a week during the last three months of 2020 to hit a record $1.21 million, Domain Group figures show. Melbourne wasn\u2019t far behind \u2013 its median house price added $3600 a week during the December quarter to reach $936,000, also a record.<\/p>\n<\/div>\n

READ MORE VIA SMH<\/a><\/p>\n

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