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The weekly round-up of the biggest news stories from across Momentum Media’s property titles for the week ending 19 February.
Welcome to The Adviser’s weekly round-up of the headline stories and news that’s important not only for the real estate sector, but also for the state of property in Australia more broadly.
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To compile this list, not only do we consider the week’s most-read stories and the news that matters to you, but we curate it to include stories from our sister brands that also have an impact on the Australian property landscape.
House prices to soar by 16% over 2 years: CBA
House prices could rise by 16 per cent over the next two years and race ahead of apartment prices, according to the Commonwealth Bank of Australia’s (CBA) head of Australian economics, Gareth Aird.
Speaking in a CommBank global economic and markets update podcast, Mr Aird said that house prices could rise by 9 per cent in 2021 and 7 per cent in 2022. Furthermore, the major bank has predicted that national dwelling prices could rise by over 14 per cent over a two-year period amid record-low interest rates.
Mr Aird said the bank has forecast an 8 per cent growth in 2021 and a 6 per cent growth in 2022 in dwelling prices.
End of property bull market in sight: AMP Capital
The two key drivers of the long-term property boom may be drawing to a close, which may relieve the pressure off house prices over the longer term, according to an economist.
AMP Capital chief economist Dr Shane Oliver said that while there is still some time left before the property boom ends, he highlighted that interest rates “are at or close to the bottom”, with the RBA now resorting to extreme measures to raise inflation.
REA Group rebrands property analytics company
REA Group has announced that it has rebranded its residential property data analytics and automated valuations business, Hometrack, to PropTrack.
The data business provides market intelligence by combining property data, valuation technologies and behavioural data created in real time by visitors to realestate.com.au.
The group also announced that along with the business rebranding, it is simultaneously launching a new application programming interface and customisable widgets to provide customers with access to property market data and insights.
House price rise, household debt a risk to banks
Real estate is among 20 new virtual Vocational Education and Training courses that will become available to all NSW government high schools by 2022.
A positively geared property with high capital growth potential does not necessarily need to carry an astronomical price tag, an expert has said, with new market entrants able to land a home for under $300,000.
Apartments v detached houses: Which should you buy?
The demand for larger properties is tipped to continue as Aussies turn their backs on apartment living out of both preference and convenience, as the COVID-19 pandemic leaves people looking for more personal space.
[Related: Hot Property: The biggest property headlines from the week 8-12 February]
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