By Phil Lutton  February 25, 2021

Australia is officially in the box seat to secure the 2032 Olympic and Paralympic Games after the International Olympic Committee (IOC) confirmed it would enter into exclusive discussions with organisers of a “very advanced” south-east Queensland bid.

If Queensland is successful in being awarded the Games, it will be Australia’s third hosting, after the Games held in Melbourne in 1956 and the 2000 Sydney Olympic Games.

When Premier Annastacia Palaszczuk formally announced the bid at the end of 2019 she said “generations to come” would benefit.

TARYN PARISMON 22 FEB 21

Westpac is forecasting 20 per cent gains in the housing market over the next two years.

In a report released Monday, Westpac’s chief economist Bill Evans said he was expecting dwelling prices to rise 10 per cent nationally in 2021, and said the pace would continue into 2022, off the back of strong economic growth.

“The upturn is being supported by record low interest rates; the confident expectation among borrowers that these rates will remain low for years to come; ample credit supply; and an improving economic backdrop, as the roll-out of vaccines promises to bring the pandemic to an end and drives a sustained lift in confidence,” Evans said.

“The bottom line is that Australia’s housing upturn now has strong momentum that looks to be lifting further and will remain well supported by monetary conditions and an improving economic backdrop.”

Cam Anderson, CEO and Director of Silverhall

After 2020, the question on everyone’s mind was how did the property market finish in 2020?

The answer: Australian property values finished 3.0% higher over 2020. Now keen property enthusiasts, homeowners and investors have already begun to make moves and the forecasts for 2021 mean they are on the right side of things.

“Housing values continued to rise through the first month of 2021 with CoreLogic’s national home value index up 0.9% over the month. The January movement takes Australian home values to a fresh record high. Housing values have surpassed pre-COVID levels by 1.0%, and the index is 0.7% higher than the previous September 2017 peak.” (Tim Lawless )

Corelogic's Quarterly Economic Review in December showed that the downturn was minor and Property prices are on the upswing, a trend that has continued in 2021. Head of research Eliza Owen surmises “There are numerous factors which have contributed to the prevention of a larger downturn in dwelling values including the institutional, coordinated response to the pandemic, which have seen low borrowing costs, added incentives for first home buyers and the extension of mortgage repayment deferrals limiting forced sales.”

Joel Robinson | Feb 5,2021

The revision comes after a stronger than expected housing market, pared with the low interest rates, the government's HomeBuilder grants and stamp duty concessions on new properties.

NAB raises dwelling price forecast for 2021 and 2022

After a stronger than expected housing turnaround, NAB are now forecasting dwelling values to rise by an average of eight per cent nationally across 2021, with a view that 2022 will also see strong gains.

The revision comes after the turnaround in the housing markets, pared with low interest rates, the government's HomeBuilder grants and stamp duty concessions on newly built properties.

"The housing market has fared significantly better than expected over the past year, despite significant headwinds from slower population growth and a weaker labour market," the NAB report read.

TARYN PARISMON 15 FEB 21

The CBA is forecasting a surge in house prices over the next two years of up to 16 per cent, while unit price-growth will be more muted at 9 per cent.

According to the CBA, lending rates have lifted sharply, signalling a housing market on the “cusp of a boom”.

“The increase in new lending is now feeding into higher prices for bricks and mortar,” CBA economist Gareth Aird said.

“The negative impact that Covid-19 had on Australian property prices turned out to be much more muted than almost any forecaster expected, us included.
“…rapid growth in new lending over the second half of 2020 was stronger than we anticipated.”

            
            
            
            ^Source: CBA