Australia’s home-buying intentions reached their highest level in March, according to the latest Commonwealth Bank Household Spending Intentions (HSI).
The HSI study showed that new home-buying objectives have increased in March 2021 to a new series-high, extending the prior improvement recorded in recent months. This growth was echoed in the increase in mortgage submissions and Google Searches.
Anjan Kumar, Director & Financial advisor at 7Mortgages, said property prices in Australia are estimated to grow by 8% this year and by 6% most probably in 2022. House prices, in particular, are poised to rise by 9% this year 2021.
“We looking forward to expect the home buying market to be a key cause of support for the Australian economy in 2021 – pushed largely by the very low point of interest rates,” said by Anjan Kumar.
“The tourism sector was among the toughest hit by the arrival of the COVID pandemic, with border closings and a country-wide lockdown restrictive nearly all travel-related interest. This month’s data, while warped by base-effects, still shows how far the sector has improved since last year.
Retail expenditure remained on the downtrend. The trade sector had been a standout during the same time past year, as real spending and expenditure intensions risen during the initial phases of the pandemic.
News Source: https://www.brokernews.com.au/news/breaking-news/new-record-achieved-for-homebuying-intentions-276452.aspx