National home values are expected to reach a record high within weeks, setting the scene for another rate rise next week.
Australian home values are expected to reach a record high within weeks, strengthening the case for the Reserve Bank to lift interest rates for the first time in five months on Melbourne Cup Day.
The data strengthens the case for an interest rate rise next week, after RBA governor Michele Bullock recently said the central bank was keeping an eye on home value growth and the effect that will have on household spending.
She said the combination of high inflation and interest rates was helping to slow household spending, taking heat out of the economy, but household wealth was also rising as house prices increased around the country.National home values rose by 0.9 per cent in October, and are expected to reach a new record high in November
In some capitals home values have risen by more than 10 per cent since January, rising by 10.9 per cent in Sydney, 10.8 per cent in Perth and 10.2 per cent in Brisbane. Melbourne values by comparison grew by 4 per cent over the same period. While home values have been consistently rising across most capitals, on a quarterly basis that growth has slowed.
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