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As we enter 2021, the real estate sector, predicted to crash and burn in 2020, is stronger than ever. Despite the ‘mortgage-holiday’ expiring in March 2021, experts predict that demand will remain at elevated levels, with more investors expected to return to the market.
Whether it was working from home, home-schooling or ‘lockdown’, the pandemic changed forever what buyers are searching for in a home. Buyers are now looking to regional and coastal areas for their next forever home or rental, and ‘study’ was the most searched keyword on realestate.com in the second half of 2020. Buyers and renters will prioritise work from home spaces and properties with flexible living spaces in 2021, in the event another lockdown is on the cards.
Domain senior research analyst Nicola Powell says, “Housing affordability constraints in major cities had seen the shift to regional Australia, but Covid has seen it explode”. The Central Coast in NSW, Lennox Head and Ballina have become popular. Brisbane sees strong interest from the southern states with Logan City and Ipswich expected to do well. In WA, Geraldton, Busselton and Scarborough are showing strong growth. In Victoria, buyers continue to radiate to the Mornington Peninsula, with city suburbs of St Kilda and Elwood reporting strong demand.