Australian Housing Prices Forecast To Rise 20 Per Cent
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Australian Housing Prices Forecast To Rise 20 Per Cent

One of Australia’s leading economists predicts the early makings of a property boom.

By Terry Christodoulou
Tue, Feb 23, 2021 6:16amGrey Clock < 1 min

One of Australia’s big four banks is forecasting 20 per cent gains in the housing market over the next two years.

The incredible figure comes out of Westpac’s first Housing Pulse report for 2021 and indicates Australian dwelling prices could be on the brink of a boom.

The banking institution’s chief economist Bill Evans stated in the report, released on Monday, that he was expecting dwelling prices to lift 10 per cent nationally in the next 12 months, with that pace continuing into 2022, citing strong economic growth as the cause.

“The upturn is being supported by record low-interest rates; the confident expectation among borrowers that these rates will remain low for years to come; ample credit supply; and an improving economic backdrop,” Evans said.

In the final quarter of 2020, dwelling approvals surged 22 per cent while lending for dwellings lifted by 16 per cent in the December quarter.

Smaller capital cities and regional towns were likely to capitalise on the forecast increases, however concerns linger around the Sydney and Melbourne high rise markets.

Further, Evans has foreshadowed good news for the labour markets with unemployment rates forecast to decline steadily to 6 per cent by end of 2021, and 5.3 per cent by the end of 2022.

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This split-level property at 166 Westwood Street, Bridport on the north coast of Tasmania offers both, with direct access to a stunning coastline as well as easy living in a three-bedroom, Hamptons-style home. Just a 10-minute walk from Mermaids Beach in the Granite Point dress circle, the house on a 1206sqm site is a two-hour drive from Devonport and the Spirit of Tasmania terminal port.

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The well-appointed kitchen includes a large butler’s pantry, as well as an island bench and bar area with finishes such as Carrara marble chosen to blend seamlessly into the lounge and dining area. A stone fireplace is the main focal point in this room, while ducted heating and aircon ensure that thermal comfort is maintained all year round.

At 334sqm, the house is large enough to provide room for family and friends when required, bt cosy enough for two, without spending unnecessary time on maintenance and cleaning.

With Barnbougle Dunes and Lost Farm golf courses just 10 minutes away, local wineries and mountain biking at nearby Derby, this is an ideal property for downsizers looking for a little luxury while still feeling connected to nature. 

 

Address: 166 Westwood Street, Bridport

Inspection: By appointment

For sale: By Offer

Price guide: $2.3m t0 $3m

Agent: Andrew MacDonald, The Agency, 0409 368 151 andrewmacdonald@theagency.com.au

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