Five of Australia’s eight capital cities are on course to experience double-digit house price growth in 2021, according to Propertyology.
Propertyology forecasts house prices to rise by more than 10 per cent in Brisbane and by more than 15 per cent in Perth, Canberra, Adelaide and Hobart, while rising between 5 and 10 per cent in Sydney and Darwin, and falling by less than 5 per cent in Melbourne.
“Contrary to the opinions of a cast of thousands, population growth has always played a relatively small role in property price growth,” Propertyology head of research Simon Pressley said.
“Property is shelter, an essential commodity, not an ‘index’ on a bean-counter’s computer screen.
“It is a fact that Australia had a national shortage of shelter available for sale and for rent immediately before COVID-19.”