First home buyers are being swamped by soaring house prices and "extreme offers" as historic low interest rates and reverberations from the COVID-19 pandemic supercharge the property market.Australian property prices are rising at the fastest rate in 17 yearsFollowing a call-out to 9News.com.au readers, our inbox was flooded with messages from buyers who have finance approved but are being consistently beaten to the punch by offers made far over the asking price.
Real Estate Agent Connie Gerakis applies a sold sticker after the successful property auction at 7 Finlays Avenue, Earlwood. A major issue he signalled was the onus on the buyer to obtain building and pest inspection reports on properties they were not guaranteed to buy. James Butler, from Victoria, recently sold an apartment and is now looking for a home. He says huge demand is speeding up the rate of offers made on properties.
Chloe Riley is from regional NSW and lives with her partner and their two children. She reports that at almost every house they inspected the agents were "facetiming people from Sydney". , AMP Chief Economist Dr Shane Oliver said potential homebuyers can expect house prices to rise by five to 10 per cent through 2021 and by a similar amount next year.
You are entering an artificially inflated market devised to convey the perception of worth