Homebuyers are flocking the Australian property market, thanks to the new record-low interest rates, relaxed lending norms and the Government's magnanimous wage subsidy program that have together fuelled demand in a matter of months.
According to the Australian Bureau of Statistics (ABS), residential property price edged up by 3% in the December 2020 quarter, showing the most substantial quarterly growth since the December quarter 2019. During the past quarter, a rise in residential property prices was recorded across all capital cities.
Despite the Government's first home buyer scheme, young people face tough competition amid the soaring home prices.
