According to several economic experts polled by comparison website Finder, sentiment around housing affordability has dropped rapidly to almost pre-Covid-19 levels. The consensus is that Australia’s economic recovery from the pandemic will be faster than in other countries, meaning house prices will continue to climb nationally for at least another two years and put homeownership out of reach for many Aussies.
Momentum for this upward trend in house prices already exists. CoreLogic data shows house prices across Sydney, Melbourne, Brisbane, Adelaide, and Perth have collectively increased by 3.1% in the 12 months up to that first week in November.
Graham Cooke, insights manager at Finder, says although most experts think house prices in some of these capital cities are overvalued, continued low-interest rates combined with government financial support for home buyers is enough to prop up those markets.
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