FEBRUARY EDITION
05 interest rates for at least the next three years . Naturally we ’ ll keep a watch on demand given our Federal Treasurer Josh Frydenberg has ruled out the possibility of an extension to JobKeeper beyond the end of March .
Continuing a trend that became evident early in the pandemic , demand for regional housing rose at more than twice the pace of the capital city markets in January . CoreLogic ’ s combined regionals values index was up 1.6 per cent over the month of January , while capital city values were 0.7 per cent higher . Since the onset of COVID-19 in March last year , regional housing values have surged 6.5 per cent higher while capital city housing values are down -0.2 per cent over the same time frame . The divergence between metro and regional housing demand in New South Wales and Victoria is more substantial than in other states . 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 . This demographic trend is further compounded by the demand shock of stalled overseas migration . The latest ABS data in fact shows that all the capital cities had a net loss of 11,200 people from internal migration , the largest quarterly net loss ever on record .
It came as no surprise that demand for units diminished through COVID-19 amid record low levels of investor participation and changing lifestyle choices . With demand and supply imbalanced we may see units continue to underperform relative to housing stock in 2021 .
Results from Loan Market in January offer yet another promising sign for 2021 . The leading broker network booked $ 1.4 billion in lodgements , $ 1.2 billion in approvals and a massive $ 1.12 billion in settlements . The insights from Loan Market have been crucial in building our confidence in the underlying strength of our real estate markets , which we communicate in Ray White Now .
The property market ’ s resilience - which surprised every pundit - underpinned much of these results as the housing market once again proved its importance as a crucial asset class in the economy . The greatest surprise , if any , is that we have never seen such coordinated levels of activity across Australia and New Zealand .
Ray White Now is produced monthly in conjunction with real-time data from our 730 offices across Australia . We are the only agency group with local area experts right across the country and we welcome your enquiry to assist with your real estate needs in 2021 .
FEBRUARY 2021 AT A GLANCE
Sales Live listings Online inquiries
4,116 4,999 55,899 + 26 % + 4 % + 34 %
Source : Ray White data . 28 days to February 8 , 2021 .