Ongoing lockdowns in Sydney and Melbourne have hit property auctions in our two biggest cities, but most experts do not expect to see an end to the prolonged boom any time soon, though price rises are likely to slow.
Sydney prices have jumped about 1.6 per cent in the past month – despite the city being in lockdown for more than two months – and have soared more than 20 per cent over the past year. Shane Oliver, chief economist at AMP Capital, believes property prices nationally may rise another 5 per cent in the remainder of the year, taking the gain over the full year to about 20 per cent, with a further rise of 5 per cent in 2022. However, he says the recent lockdowns have increased uncertainty over what property prices may do.
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