Australia’s super-prime property market is gaining post-pandemic momentum with the number of multimillion-dollar neighbourhoods set to double in 2021. The inaugural REA Insights Property Outlook Report released earlier this year, compiled by national listings portal realestate.com.au, is predicting that the number of A$3 million (US$2.38 million) suburbs will jump from 30 to 60 by the end of the calendar year.
Despite Covid-19, the local prestige market experienced particularly strong conditions in 2020, as interest rates remained at all-time lows, home bound Australians saved more disposable income and total household wealth hit a record high at A$11.35 billion.
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