If demand exceeds supply in a given market, property prices will increase. The value of Australian housing grew 1 per cent in December, bringing the total increase in values to 22.1 per cent for 2021, according to CoreLogic.
The year 2021 also continued to see a shortage of listings, which has been a feature of the housing market throughout the COVID period. 
House prices also tend to rise if more people are able to borrow money to buy houses. … The lower interest rates are, the lower the cost of borrowing to pay for a house is, and the more people are able to afford to borrow to buy a house. That will also mean prices will tend to be higher.
CoreLogic noted that the increasing affordability challenge (higher housing values against low-income growth) will continue over the year ahead, and will likely be a “hot political topic” this year as the country heads to a federal election.
Are you still looking to get into the property market? Chat to a mortgage broker who can help you understand you options :- based on your income – deposit / family guarantee / FHDS / FHO – expenses.
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