IT’S the first week of January and a prime time for nailing down some resolutions for the year ahead.
While avoiding catching Covid is possibly No.1, new polling has shown that buying a property remains one of Australians’ top financial New Year’s resolutions.
The survey by financial comparison site Canstar showed that 18 per cent of its participants, representing the equivalent of 3.6 million people, made a resolution centred around money, with 21 per cent of this cohort resolving to become owner-occupiers in 2022.
This is despite house prices rising by the fastest annual rate since the 1980s over the past year, reaching 20 per cent nationally.
The rampant growth, however, has not been enough to snuff out the dream of millions who one day hope to be that person who gets to sit back and watch the equity in their properties grow.
In this Saturday’s Bulletin you will be able to see exactly how much house prices have risen in your suburb when Core Logic releases its latest house price index showing figures for Q4 of 2021, along with annual growth.
In a sneak peek of what to expect, I can reveal that annual median house price growth climbed by an extraordinary 50 per cent in three Gold Coast suburbs, with several following closely behind.
And if you happen to own a block of land, which is fast becoming rarer than a RAT test, you won’t have to wait too long to make a decent return, as one Sovereign Islands property owner discovered.
The developer picked up a block at 35 Knightsbridge Pde East, through Ivy Realty, in February 2021 for $1.7m. It settled in June, with the developer planning to build a four-storey mansion.
After a change of mind, the 700sq m block was relisted in September, before selling last month for $2.505m, allowing the developer to walk away having made a tidy $800,000 profit in mere months.
Meanwhile, a 766sq m block at 3 Knightsbridge Pde West, which sold for $3.25m, also through Ivy Realty, achieved not only a street record but was the second-highest land sale on the island per square metre.
These numbers are extraordinary. No wonder Aussies are so desperate to get into the property game in 2022. Although, agents are predicting we are unlikely to see these levels of price growth two years running.
For those seeking to start or expand property portfolios, the biggest problem, aside from affordability, continues to be lack of stock. Despite listings rising towards the end of last year, stock levels are still drastically down on the past year. The only people selling are those forced to, or who can afford to.
Whatever resolutions you have made for 2022, if they involve the property market you are going to need nerves of steel.
For any real estate need either Buying or Selling or Investing, contact me either via email or phone given below.