The crazy crowd for a recent auction in Bangalore Street, Kensington. Soaring house prices in almost every corner of the country, buyers overwhelmed with FOMO, not enough stock on the shelves and banks practically giving money away has lead to one of the speediest post-recession recoveries Australia has ever seen. Here are the seven signs that the boom is here and looks certain to stay for some time yet.
Home values are rising at lightening speed This Gold Coast cottage earned a $340,000 profit in just six months. Picture: Supplied Spurred on by the perfect storm of record low mortgage rates, improving economic conditions, government handouts and low supply levels, Australia s housing market has seen values rise at the fastest rate in 17 years. CoreLogic is calling it a broadbased boom after crunching the numbers and declaring that dwelling values surged 2.1 per cent in February - the largest month-on-month change recorded since August 2003.
Seven signs the housing market is going nuts
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Seven signs the housing market is going nuts
tweeddailynews.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tweeddailynews.com.au Daily Mail and Mail on Sunday newspapers.
Australians are camping out at new estates to snap up a block of land as demand skyrockets and national house prices surge by the fastest pace in 18 years.
New housing developments have been inundated with hopeful buyers in recent weeks, with some even resorting to setting up campervans in a bid to get their hands on a highly sought after lot.
Others have taken to sleeping in their cars in nearby parking spaces to make sure they are front of the queue when blocks of land go up for sale.
Pictures from land releases at the Catherine Park Estate, in Sydney s south-west, show long queues of interested property owners as first home buyers flood back into the market to take advantage of low interest rates and government incentives.