26th February 2021
National Property Prices Hit All Time High
Australia’s property values are higher than they have ever been in history, with prices now more expensive prior to the COVID-19 pandemic.
New data from property firm CoreLogic shows the median national dwelling value – which factors in both houses and units – lifted 0.9 per cent over the past month to $574,872. (Anglesea now has a median house price of $1,102,500 up from $980,000 at the same time last year). According to the Australian Bureau of Statistics (ABS), the average weekly earnings for someone working full time is $1713 – or roughly $89,000 a year. Therefore, to afford a property in Australia it would cost the average worker 6.5 years of their yearly salary (without spending a cent) to own one outright.
The data also shows that a skew towards working from home, and an immediate ceasefire on international visitors has seen the values of regional markets boom.
Home values across Regional Victoria and Regional NSW rose 1.6 per cent and 1.5 per cent respectively in January compared with a 0.4 per cent increase in home values across Melbourne and Sydney. CoreLogic’s research director Tim Lawless says “Internal migration data shows more people are leaving Sydney and Melbourne for regional areas, resulting in a transition of activity from the metro regions to the outer fringe and regional markets”.
We are certainly seeing the same as we assist more and more people from Melbourne find permanent/semi-permanent homes rather than holiday homes that will be used for 8-10 weeks a year. There’s no doubt our town’s demographic is changing as more and more people look to live in Anglesea permanently…… and why wouldn’t you it’s an absolutely fantastic place to live.
Have a great weekend and we look forward to seeing you on the coast.
For and on behalf of the Anglesea Team.
0437 380 706