Property

The mortgage market is showing small signs of recovery across the country amid the holiday period, while NSW has continued to post the largest fall, data has shown.

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Property sale settlements hit a two-year high across the country in December 2020 and surged in Victoria, driven by the easing of COVID-19 restrictions, according to PEXA.

Property analysts believe that the RBA’s forecasted 30 per cent growth in property prices over the next three years will materialise in 75 per cent of Aussie regions.

Auction volumes surged significantly over the December quarter across Australia, largely attributed to a “resurgence” in Melbourne, according to data.

Dwelling unit commencements have continued to fall but the bright spot has been new private sector houses, figures have shown.

Plans to purchase a home declined in December 2020, while home loan application numbers also weakened compared with November, according to the CBA.

December was the second strongest month for new home sales in the 20-year history of the survey, which was attributed to the HomeBuilder package, according to the HIA.

Properties in the Tasmanian capital continue to have the highest rate of profitability, according to new research.

The construction of new homes in Australia is forecast to “get worse before it gets better”, according to Deloitte Access Economics, but should start to recover towards the end of the year