The Australian Bureau of Statistics has released the July monthly Consumer Price Index (CPI) data. The monthly CPI indicator was 3.5% in the 12 months to July 2024, falling from 3.8% in June, the second monthly drop in a row. This is the lowest result since March 2024. The most significant price rises were Housing…
Regional property markets are experiencing a slowdown in value growth as affordability constraints, normalising listing levels, and the elevated interest rate environment continue to impact growth, according to CoreLogic’s Regional Market Update. Regional markets saw dwelling values increase by 1.3% over the three months to July, compared to a 1.8% rise in capital cities. The…
Australia’s property market has once again demonstrated its resilience and unparalleled potential for wealth creation, with the latest Domain Profit and Loss Report revealing that property sales have reached record-breaking profit levels. The report, which examines sales across the nation, shows that an impressive 96% of houses and 90.7% of units resold for a profit…
The world’s most liveable cities have been revealed for 2024, with two Australian cities making the top 10. The Economist Intelligence Unit (EIU) has released its Global Liveability Index 2024 – which ranked Melbourne in 4th place (down from 3rd place in 2023) and Sydney in 7th place (down from 4th place last year). The…
I keep careful track of consumer confidence because it’s a good indicator of what’s ahead for our economy and property markets. And the latest ANZ-Roy Morgan Consumer Confidence report shows it increased 2.6pts to 83.9 this week after the Reserve Bank of Australia left interest rates unchanged. However, despite the improvement, looking longer-term the index…
The Reserve Bank of Australia kept the cash rate on hold for the sixth consecutive meeting, continuing its ‘wait-and-see’ approach, after last week’s CPI results landed broadly as forecast. Headline inflation rose from 3.6 per cent to 3.8 per cent annually, in line with RBA forecasts, however, trimmed mean inflation, the central bank’s preferred measure,…
Foreign cash flowing into Australian homes has surged by an additional $400 million, according to new figures, solidifying Queensland as the new hot spot for overseas investors. Data from the Foreign Investment Review Board (FIRB) for the October to December 2023 quarter shows 1,580 residential real estate investment proposals worth $1.9 billion were approved. The…
The average new owner-occupier mortgage in Australia is now $636,597 – a new record high that is set to keep on rising alongside property prices in key states. Over the last 12 months, the national average has risen by $56,357, an increase of $154 a day, despite the fact the cash rate is at its…
Tenancy reform is making headlines this week after the NSW government announced a ban on ‘no grounds’ evictions. One fear associated with tipping the balance more in favour of tenants is that landlords could exit the market, and new investors may be dissuaded from purchasing property, thus reducing rental supply and pushing up rents. But…
The stage is set for the RBA to leave the cash rate on hold next week, despite a rise to Australia’s annual inflation rate from 3.6 per cent to 3.8 per cent. While this is the first rise in annual inflation since December 2022, the result is in line with the RBA’s own forecasts, keeping…
