New listings have risen to almost 30% from mid October 2021.
The COVID pandemic has influenced unique preferences in housing demand, with detached houses outperforming apartments and the largest price increases occuring in coastal and lifestyle sectors in capital cities and regions.
A climbing 45,000 new listings have been created over a the last month.
The report, “COVID and the Home: A tale of two housing markets,” found that increasing numbers of young buyers were adopting a high-risk lifestyle with an over-reliance on the family home as an investment, and this was leading to increasing levels of debt.
The report revealed that in 2014, the average young Australian headed a household that cost $443,000 to service by drawing down savings or taking out debt – well above income levels.
“With debt levels so high, many young Australians are vulnerable to major economic shocks,” it said.
It called for better financial education in schools and greater public awareness about property risks among young people.
