Canberra Properties are selling like hot cakes
Canberra properties are selling like a hot cake
The National Association for home builders (NAHB) and the National Association for REALTORS (NAR) recently published a report regarding the astounding increase of the Canberra real estate market post the pandemic.
There have been many analysts who had earlier predicted that the demand for property for homebuyers would decline. But reality says the opposite; the Canberra property witnesses significant momentum, so the sales are enormous. The initial effect of the pandemic had resulted in a slowdown in demand, but the trend that followed was the complete opposite.
Did you know that five-bedroom Canberra homes located in and around Theodore are not available at $890,000? The previous benchmark for this was $700,000. It is a clear depiction that the future of property and their rates in Canberra is fortunate in the coming years.
Housing demand to increase amongst builders.
The Mortgage Bankers Association (MBA) has rendered a confirmation regarding a whopping increase of 40% of the new purchase applications in July 2020 compared to the demand that prevailed in July 2019.
Also, every month, the NAHB releases the Housing Market Index, which portrays how the market is offering massive support for real estate investment for the upcoming six months.
Chuck Fowke, the Chairman of NAHB, further states that,
“The demand for new single-family houses is expected to continue as strong. It is because the interest rates are low, and the focus is on the importance of housing.”
Homes to fly off the market demand
The idea of buying a house is often turned down because people do not have the income bracket that puts them in a situation where they cannot pay the high mortgage rates.
NAR has circulated a report titled Existing Home Sales Report about homes for sale in Canberra increasing quantum with each passing month (total growth amounted to 24.7%.)
Also, The Wall Street Journal – surveyed by a series of Economists – are circulating figures depicting a 14.2% increase in sales every month. The housing market is witnessing domination of the same. Also, with each passing year, growth stands at 8.7% for the present and the upcoming years.
Ever since the pandemic has hit the lives of ordinary people, housing has been in the limelight. Hence, Canberra is seen as a low-risk city to purchase, rent and buy, so people just want to secure a spot in the property market.
Canberra feels like home
As prices continue to rise, Canberra’s housing market becomes an ideal place for almost every first-time investor to live their dream.
Why go anywhere when you can stay updated about the latest Canberra real estate news, price, and sale or Canberra real estate agents at @777 homes.com.au in just one click.