Property values rose across most capital cities in March, but the size of the increase varied widely.
Australian home values have risen for a 14th consecutive month and have defied expectations of a slower rise as demand continues to outstrip supply despite the ongoing cost-of-living pressures and high interest rates.
“However, an undersupply of housing relative to demand continues to keep upward pressure on home values despite these headwinds.”Values grew the most in Perth, up by 1.9 per cent, followed by Adelaide and Brisbane . He said that housing supply and demand remained out of balance across most regions, which would continue to put upward pressure on values.
“At the same time, the residential construction sector continues to run up against shortages in labour, high material costs and depressed profit margins.”Lawless said that over the same period, 173,993 new homes had been completed.
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