23rd December 2021 / Sarah Lowry: 2021 Market Update

It's hard to believe, but we're about to say goodbye to 2021 and embark upon what will hopefully be a prosperous and happy New Year!

Despite the impact of the pandemic on our lives throughout the year, it is amazing to reflect on the number of records that were achieved in property. A record number of properties were sold across the country, with the fastest annual rate of house price growth on record, at 21.9 per cent.

We saw a change in attitude of prospective buyers, as the importance of space increased and a desire for lifestyle additions and location became a priority. This translated in buyers paying a premium for space, and an increase in internal migration to regional areas of Australia.

Victoria's residential median property prices broke new records, with four consecutive quarters showing highest-ever results, according to the Real Estate Institute of Victoria's September quarter report. Melbourne maintained its $1 million dollar median, and now has 173 suburbs in the million-dollar club.

In 2022, we expect to see more activity than what is traditionally seen in the transition from Spring to Summer. The high number of property appraisals suggests that homeowners are still keen to list their properties for sale in the new year, which will help to maintain the level of choice prospective buyers have enjoyed over the last month.

All the best for a safe and happy festive season.