Records tumbled throughout 2021 as the property market boom stretched to all corners of the country.
With consumer demand remaining buoyant as we enter 2022, we asked sector leaders and industry experts from across the nation about their thoughts on the year that was and what they see within the crystal ball for the year ahead.
REINSW CEO, Tim McKibbin
2021 in review
“It was once again a year like no other within our New South Wales property sector.
“From a rental perspective, there were challenges for both landlords and tenants alike – with property managers working tirelessly to keep things aligned as both parties I don’t think they truly got the recognition they deserved for the incredible work they’ve done in recent times.”
The highlights
“Looking at property sales, in the Sydney metropolitan area, put simply, the market was on fire. It wasn’t uncommon for agents to have 15 or more people register for a single auction – and you just don’t see that level of interest regularly.
“Towards the latter part of the year, we started to see supply increase – and while we didn’t have the same sky-high registrations, we continued to see this significant consumer demand more evenly disbursed across an increasing number of properties.
“There was consistently strong interest in our regional markets as well – so much so that we did really struggle to see enough listings to keep up with the interest as people craved that space.”
2022 preview
“I think 2022 is going to be very similar to 2021, given all of the fundamentals driving the market are still present – low interest rates and high demand which continues to exceed supply.
“Though we may not see the same double-digit pricing increases, I’m still expecting to see healthy growth throughout the months ahead, with regional areas in particular looking like they’ll remain extremely popular as well.”
REIWA President, Damian Collins
2021 in review
“2021 saw a remarkable resurgence in the Perth property market, with low stock levels and strong buyer demand fuelling price growth. According to CoreLogic’s Home Value Index, in 2021 we saw Perth home values increase 13.1 per cent and regional home values increase 15 per cent.
“We also saw a significant lift in volumeas people took advantage of the strong conditions and low interest rates to sell properties and upgrade their homes.
“Despite the strong price growth, WA was still the most affordable state for housing in the country, according to the Real Estate Institute of Australia’s (REIA) latest Housing Affordability Report for the September 2021 quarter.”
The highlights
“After a long and sustained downturn, it was good to see the WA market thriving again with many people recognising the great opportunity in our local property market.
“While on the east coast the dream of home ownership is out of reach for many people, it’s pleasing that even with 13 per cent growth over the last 12 months we are still the most affordable state in the country.”
2022 preview
“We predict another strong year for the WA property market, with our 2022 outlook anticipating a further 10 per cent growth to Perth house prices this year.
“Regionally, we also expect market conditions to hold strong in 2022. We see lifestyle being a major growth driver as the COVID-19 pandemic continues to unfold and the working from home trend gains momentum.
“WA has some of the most affordable housing in the country, and this combined with our great lifestyle opportunities should make for another strong year, particularly once borders open and migration resumes.”
REIQ CEO, Antonia Mercorella
2021 in review
“There’s no doubt that 2021 was an extraordinary year for the Queensland real estate industry, with high buyer activity and rental demand spurred on by our State’s rising population, with Queensland becoming the number one place in Australia for interstate migration.
“While real estate agents have welcomed the remarkable demand for buying Queensland property, it’s important to remember that a hot market also brings certain challenges to the real estate profession, such as increased competition for limited listings and resourcing required to respond to high levels of enquiry.
“With low levels of stock coming on to the market, and incredibly tight vacancy rates, it can also make for an incredibly challenging environment for disappointed and frustrated renters and buyers.”
The highlights
“I think in Queensland we can be incredibly proud of the fact that despite the challenges brought on by the pandemic, the real estate profession has been able to continue to trade and flourish in both the sales and rental market during 2021.
“While Queensland was fortunate not to have the same level of lockdowns and restrictions as in southern states, when these limitations did arise, agents were able to keep real estate going by embracing technology and adapting to new ways of operating.
“In 2021, the REIQ continued to advocate on behalf of the industry on the controversial rental reforms that passed in Parliament in October, leading to an outcome that was vastly improved from initial proposals that would have significantly damaged our State’s rental market and created the most onerous rental laws in the country.
“This outcome was a great reflection of the efforts of the REIQ and many members and supporters on this important matter.”
2022 preview
“Queensland has an incredibly exciting future. Queensland was already the state to watch, with the highest levels of interstate migration, comparative great affordability and liveability, and the significant transformation and change that our capital city is already in the midst of – gaining even more recognition and attention on the global stage as the host of the Brisbane 2032 Olympic Games.
“While predicting what’s next is simply crystal ball gazing, Queensland has all the fundamental economic ingredients for a strong market as we head towards 2022, and there is certainly no sign of it slowing down yet.
“With January – a typically quiet month for real estate – already heating up with plenty of buyer demand, it looks likely that it will be another hectic year to come for Queensland’s real estate industry.”
