Property Set For Boom Year: Number of $3m suburbs to double in 2021.
By Megan Neil
Australia’s property market is set for a big year with price growth to accelerate sharply, according to a leading economist who predicts the number of $3 million suburbs will again double.
Releasing the REA Insights Property Outlook Report 2021, realestate.com.au chief economist Nerida Conisbee said 2021 is looking like a bumper year for price growth as positive momentum continues.
“Property’s back and it will be a boom year in 2021,” Ms Conisbee said.
Ms Conisbee predicted there will be a sharp acceleration in pricing driven by record savings rates and cheap and easy finance.
“The Australian economy is no longer in recession, a vaccine is now available, interest rates are at record lows and access to finance continues to ease,” Ms Conisbee said.
“There has been an incredible lift in the household savings rate and there’s also been an incredible lift in household wealth.
“All of those factors are combining for a really massive year.”