Property demand at a “fever pitch”
Property demand has hit record levels, according to new figures.
The October REA Group Property Demand Index has hit a record high in October, up 6.8% for the month and 27.6% for the year, News Corp has reported. The index found demand was at record levels across New South Wales, Queensland, Victoria, South Australia, Tasmania and the ACT.
The ACT saw the largest uplift in demand, News Corp reported, with a rise of 9.2% New South Wales saw demand rise 7.8%, as did Victoria.
Apartment demand also climbed, News Corp reported. Western Australia was the only state that saw a decline in the demand for apartments.
REA Group chief economist Nerida Conisbee said demand had hit a “fever pitch”, as more buyers competed for fewer properties.
“We’re still seeing overall listings on the site remain lower than the same time last year,” Conisbee said.
Conisbee said increased demand, particularly in New South Wales and Victoria, would continue to put pressure on affordability.
“Apartment demand also continues to be high, driven by the number of people looking to buy outpacing the number of listings, which is somewhat surprising given the level of new apartment development across Australia,” she said.