RESIDENTIAL PROPERTY
DESPITE ongoing hikes to the cash rate, limited choice for buyers managed to push home prices up, albeit marginally, in March.
According to PropTrack’s Home Price Index, national home prices were predominantly stable over March with a minor rise of 0.13%, for a combined 0.49% increase over 2023 so far.
“While the significant reduction in borrowing capacities and deterioration in affordability caused by interest rate rises implies larger price falls, the impact of...
Sydney saw the most significant uptick over March, up 0.27%, while home prices have fallen 7.19% from peak to trough.
Perth followed with a 0.24% increase over the month, reaching a new peak. This relatively affordable market has picked up by...
Melbourne saw a 0.12% increase over March, falling 5.79% from peak to trough, with competition among buyers limited as...
Like Perth, Adelaide reached a new peak after prices rose 0.10% over the month, for an annual increase of 6.26%...
The ACT remained stabled over the month with a marginal 0.03% increase, now sitting 5.98% below their March 2022 peak.
Hobart saw the greatest decline over the month, down 0.43% to 5.47% below their April 2022 peak.
Darwin prices were down 0.10% in March, up 0.21% for the year and down 0.56% from peak to trough.
Brisbane prices were down 0.06% in March, after lifting over January and February this year, with prices now down 3.30% from peak to trough.
“Positive demand drivers offsetting the downwards pressure include the strong rebound in immigration, tight rental markets and...
Weak new listing volumes and limited supply are counteracting lower levels of demand from the peak levels of 2022, pushing up competition and...
Creagh also noted that a pause in the RBA’s tightening cycle in the coming month or two could maintain this stability...
While the Reserve Bank of Australia governor Philip Lowe has hinted there may be a pause in interest rate hikes after 10 consecutive increases...
[H]eadwinds remain, with the full impact of recent rate rises yet to be felt. This means the decline in prices could still find a second wind...