[Podcast] Here’s why we’re going to have a ripper year in property + Housing Market Forecasts for 2021 with Dr. Andrew Wilson

With interest rates near zero, Australia’s economy rebounding, and pumped with massive amounts of stimulus, and the coronavirus all but eradicated from our shores, our property markets are looking healthy and starting the year off on a strong footing.

The stats show that after the nation went into lockdown last year, national property rates fell overall a cumulative 2.2 percent.

And of course this was led by Melbourne and Sydney that were most affected by the lockdowns. My Podcast #249 Property Forecasts For 2021

But of course this was nothing like the predicted calamitous falls.

Now on the back of continuing increase in confidence, strong growth low mortgage rates, and the emergence of a vaccine plan, many are projecting house price growth in 2021.

In fact, many are projecting double digit growth this year.

Are they right?

That’s what I discuss with Dr. Andrew Wilson, along with lessons from last year and housing market forecasts for 2021.

Then, as always, I’ll share my mindset message with you.

Lessons learned from 2020:

  • It was really the physical restraints to property transactions that impacted the market, rather than a change to our supply and demand. In other words, the property market fundamentals were and are strong
  • Be really careful whose forecasts you listen to. Property investors who listened to catastrophic predictions missed out on good opportunities
  • There isn’t just one Australian property market. Markets are segmented by geographic locations as well as by factors like the type of dwelling and the price.
  • Property investment is really a game of finance with some houses thrown in the middle

What’s occurring now:

  • The unemployment rate is falling economy-property-market-grow-wealth-house-dream-first-home
  • The economy is recovering well due to falling unemployment and even new jobs
  • There’s been a huge surge in housing loan approvals – 24.4% above pre-pandemic levels
  • Consumer optimism is trending upward
  • First-time home buyers are in the mix
  • There is a lower number of listings in the market than usual
  • The fiscal cliff is not a real cliff, more like a step
    • However, the rental market still has some challenges

Links and Resources:

Michael Yardney
Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us
Guest: Dr Andrew Wilson – MYHousingMarket.com.au

Some of our favourite quotes from the show:

“You know what they say about opinions – there’s like bellybuttons, everyone’s got one, but they’re not very useful.” – Michael Yardney Houses Property Market

“The property market moves in a cycle and after every boom, there’s a downturn or a slump phase, and then it actually starts to pick up again slowly, then eventually another boom occurs.” – Michael Yardney

“It may sound like a cliché, but maybe it’s time to play more and work less.” – Michael Yardney

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Michael Yardney

About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media. Visit Metropole.com.au


'[Podcast] Here’s why we’re going to have a ripper year in property + Housing Market Forecasts for 2021 with Dr. Andrew Wilson' have 2 comments

    Avatar

    February 3, 2021 Bruce

    Hi Michael,
    I really think, with the government stimulus stopping in March, along with the job keeper,
    Banks stopping the moratorium on interest payments, people having spent their 10 to 20k on renos, upgrades and even travel, along with coal (no 1 export regarding jobs), barely, wine, being decimated, along with many other issues.
    I feel there is no chance of a recovery but a downturn in economy and real estate,
    I feel in 6 months things will be alot worse for our economy, and I hope I’m wrong,
    It’s done better than expected so far,
    Regards Bruce

    Reply

      Michael Yardney

      February 3, 2021 Michael Yardney

      Bruce, I can understand why you feel that way. However I can’t see the government allowing that to happen. They have learnt how to control downturns, and are not going to have spent all that time, money, effort and emotion in getting us so far to let it all fall apart. Remember, 90% of the jobs that were lost have now been recovered.

      Reply


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