National home prices lifted 0.18% to a new peak in June, according to PropTrack’s National Home Price Index, despite recording the slowest pace of monthly growth since December 2022. According to PropTrack’s data, with housing supply unable to meet demand, national home prices have cycled through 18 consecutive months of growth to hit a fresh…
Australian dwelling values increased a further 0.7% in June, taking growth to 8.0% across the 2023-24 financial year. However, beneath these headline numbers, we are seeing multi-speed conditions with the mid-sized capitals continuing to lead the pace of growth, especially Perth where values surged another 2.0%, Adelaide increased 1.7% and Brisbane was up 1.2%. These…
The Real Estate Institute of NSW (REINSW) has uncovered another underhanded plan by the NSW Government to charge property owners more, aiming to offset increasingly “unaffordable” insurance costs. Buried within the Budget’s explanatory notes is a reference to the NSW Revenue Legislation Amendment Bill 2024. This bill outlines the NSW Government’s strategy to shift the…
Australian property resales reached their highest rate of profitability since July 2010 in the first quarter of the year thanks to consistently rising home values outweighing economic challenges and persistently high mortgage rates. CoreLogic’s Q1 2024 Pain & Gain report analysed approximately 85,000 resales over the period, revealing 94.3% of transactions recorded a nominal gain….
Australian dwelling values increased a further 0.7% in June, taking growth to 8.0% across FY2023-24. This is the equivalent of a $59,000 increase to the median dwelling value in Australia, which is now $794,000. The annual rise was in stark contrast to the FY2022-23 when CoreLogic’s national index was down -2.0%. In that year, annual growth…
Rising home prices remained a feature of most capital city housing markets over the June quarter although there was a clear divergence in results. The national capital city median house price again increased by 0.2% to $1,137,767 over the June quarter compared to the May quarter, according to the latest data from My Housing Market….
Household wealth rose for a sixth straight quarter by 2.7 per cent ($431 billion) in the March quarter 2024, according to recently released figures by the Australian Bureau of Statistics (ABS). Total household wealth was $16.2 trillion in the March quarter, which was 10.2 per cent ($1.5 trillion) higher than a year ago. Residential land…
Yesterday’s inflation data revealed skyrocketing insurance premiums could drive the RBA toward a cash rate hike in August. This relentless increase in insurance premiums, well beyond increases in other cost categories, is an inflation villain that could see us all suffer from higher interest rates this year. If the government is serious about stemming inflation,…
Our property markets are continuing to rise, but more slowly than earlier in the year. Demand has escalated in line with housing composition changes, demographic shifts and strong population growth. The rise in single-person households and a decrease in household size have heightened housing demand, compounded by significant migration. Australia faces a housing shortage, with…
If a picture paints a thousand words, then this collection of charts should do a pretty good job of painting the landscape as it affects our economy and our property markets. Each month the RBA summarises macroeconomic and financial market trends in Australia by providing a detailed chart pack. World Economy Australia’s economy doesn’t operate…
