Brisbane’s typically slow-moving property market has continued to rapidly grow in April, despite Australia’s most recent market boom showing signs of slowing down during the month.
Thousands of apartments to flood CBD markets
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Residential landlords are planning to dump thousands of rental apartments in the Sydney and Melbourne central business districts in the coming months to avoid a further cash flow crunch following the termination of mortgage repayment holidays at the end of March.
The owners of 2037 apartments in Melbourne and of 2282 flats in Sydney intend to list their property, potentially flooding markets grappling with oversupply and poor demand because of border closures, a survey conducted by Digital Finance Analytics shows.
CBD apartment landlords plan to dump thousands of rentals to avoid further cash flow crunch.
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Regional housing boom to run two years more
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House prices in the regional markets have surged twice as fast as their capital city counterparts during the past year, jumping up to 30 per cent in some areas as strong demand for lifestyle and holiday homes overwhelms the scant supply.
Over the 12 months to April, the combined regional housing values have climbed by 13 per cent, while capital city home values rose by 6.4 per cent, CoreLogic data shows.
Strong demand has lifted Byron Bay’s median price to $1.4 million, higher than the greater Sydney median of $1.14 million.
“This can partly be explained by the new popularity of remote and flexible working arrangements, but also the increased demand for lifestyle-oriented properties and holiday homes,” he said.
Property market update: Melbourne, April 2021
By Zarah Mae Torrazo
14 May 2021
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1 minute read
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Melbourne stayed the course to recovery in April, despite the Australian property market boom cooling after a scorching first quarter. Can the Victorian capital hit new peaks in 2021?
Australia’s dwelling prices posted another solid increase in April, though its upward trend slowed as rising prices hurt affordability and new stocks were added to the market which helped to return the balance between supply and demand.
But the latest property market boom is far from over. After the historic growth rate of 2.8 per cent in March, national dwelling values still rose by 1.8 per cent in April, with market observers noting that the monthly uptick is considered to be a more sustainable pace of growth.