The COVID-induced desire for beachside living and lifestyle properties has driven the top-performing suburbs during Australia’s 2021 housing market boom.
Demand for more space and a regional exodus from cities amid a shift to remote working are also evident in PropTrack’s preparation of a property report card, showing the most in-demand suburbs and those leading the surge in prices.
PropTrack senior economist Eleanor Creagh said 2021 was an exceptional year for the housing market. “Strong demand, a low supply of properties for sale and low interest rates combined to drive the fastest pace of price growth in more than three decades,” Ms Creagh said. “It was a really unprecedented property boom as people saved more, household wealth surged to an all-time high and government support measures propped up the economy and household balance sheets.” Ms Creagh said people spending more time at home during during the pandemic sparked a reassessment of housing needs, which was a major factor in property price growth. “One of the real driving forces is this ongoing reassessment of lifestyle wants and housing needs, and lifestyle really becoming a higher priority for many with people looking for larger homes, more space and beachside living.”
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