Why house prices are skyrocketing (and what we can do to fix it)

Published: March 26, 2021, 4:38 a.m.

Chances are, if you\u2019re on the market for a new property, or are trying to sell, you might have noticed how bonkers the Australian property market is right now. Queues of thirty people at open inspections isn\u2019t unheard of in metropolitan areas, and prices are skyrocketing due to demand. \n\nIt\u2019s an unexpected outcome - the start of the COVID pandemic saw predictions that house prices would fall 10-to-20 per cent. One year on and Australian house prices are now surging at their fastest rate since 2003. After all the talk of crashing house prices a year ago, it\u2019s enough to give would-be homebuyers whiplash. \n\nListen to Kat Clay, Head of Digital Communications, and Brendan Coates, Household Finances Program Director, tackle the very real problem of housing affordability.