Property prices in Sydney have risen 7.51% in 12 months, while five areas of Perth rose by more than 15%. Limited sales volumes and rising populations contribute to the record levels in several capital cities.
Property prices in Sydney have risen 7.51% in 12 months, while fie areas of Perth rose by more than 15%.Property prices in Sydney have risen 7.51% in 12 months, while fie areas of Perth rose by more than 15%.have soared to record levels in several capital cities as limited sales volumes and rising populations more than made up for the dampening effect of higher interest rates, two data groups say.
Rival data provider CoreLogic said its national home value index rose 0.9% in October alone, accelerating from September’s revised 0.7%. The 7.6% increase from a trough in January left the index just 0.5% below the peak recorded in April 2022, the group said, citing slightly different tracking methods.
The rise in property values during 2023 has caught many analysts by surprise, given the Reserve Bank has been lifting interest rates at the fastest pace in three decades including four rate rises in 2023 before a pause in past four months.For many people housing is their biggest asset. When home prices fall, it tends to dim households’ sense of wealth, cooling their spending, a trend the RBA had been factoring into their economic models.
A revival in new listings – including a 10.7% rise in Melbourne and 9.3% in Sydney since the start of spring – will also put a brake on the pace of price gains in some markets, she said. A renewed drop in prices can’t be ruled out.Our Australian afternoon update breaks down the key stories of the day, telling you what’s happening and why it matters“New listings added to the market across Sydney in the past three months is about 23,000 properties as opposed to 21,000 sales,” Owen said.
Property Prices Sydney Perth Capital Cities Record Levels Limited Sales Volumes Rising Populations Interest Rates Growth National Home Prices Proptrack Corelogic
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