Six months on from the Commonwealth Bank’s notorious prediction of a 30 per cent national COVID price slump, Australia’s property markets have held up remarkably well.
Brissie in particular has remained strong, with values holding steady – and now ANZ and NAB are forecasting turbo-charged growth for the year ahead.
NAB expects house prices in Brisbane to jump 7 per cent in 2021, reports Property Observer. While ANZ has gone a step higher forecasting 9.5 per cent, reports 9 News.
So where will the growth occur?
It’s not all about city centre locations now that working from home has become far more prevalent and popular.
The outer suburbs were tipped to see some of the largest price gains, and houses were tipped to do better than units.
“Some of the more permanent changes from COVID-19 will be an acceleration of working from home, remote working and remote learning,” said ANZ Economist Adelaide Timbrell.
Price growth will vary across our capital cities – with investors likely to see continued good buying opportunities in Brisbane.
“We forecast healthy gains of over 7% in each of Brisbane, Adelaide and Hobart in 2021, while Sydney and Melbourne should rise by 4.5% and 3.5% respectively,” NAB’s Chief Economist Alan Oster said.
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