House deposit

PHOTO: Booming property prices 

There is more grim news for Aussies looking to buy their first home, with booming property prices reaching dizzying new heights

In the years since the 1990s recession, Australians have become accustomed to rising housing prices, with millions of people building entire investment plans and retirement strategies around the nation’s property market.

But now, as Australia takes its first tentative steps into the post-pandemic world, property prices are rising at a far more rapid rate than what we would consider a garden variety boom.

In fact in March, housing prices at a national level rose at the fastest pace in over 32 years.

Not since a time when Bob Hawke was Prime Minister and Australians were enthusiastically dancing along to Kylie Minogue’s number one hit ‘Locomotion’, was the property market this hot across the nation.

Quite the surprising turnaround for a market expected to suffer significantly from practically non-existent demand from foreign investors, temporary visa holders and new migrants.

It’s no secret that low interest rates spur on activity in the housing market, but the levels of growth in housing finance commitments are completely unparalleled