CoreLogic: House prices in Australia rise by 0.7%
Real Estate

CoreLogic: House prices in Australia rise by 0.7%

CoreLogic reported that Australian home prices had risen in June for the seventeenth consecutive month, driven by tight supply, which outweighed demand-side pressures such as high interest rates, increased cost of living, and stringent lending conditions. According to CoreLogic's data, national home prices increased by 0.7% in June compared to May, following a gain of 0.8% the previous month. Prices had also risen by 8.0% compared to the previous year. Tim Lawless, Research Director at CoreLogic, remarked in a statement that despite several downside risks, including the country's cost of living pressures, high interest rates at a 12-year peak, affordability challenges in housing, and strict lending policies, the housing market continued to show resilience. He attributed this resilience to tight supply levels, which were exerting upward pressure on property values. Regarding price movements across major cities, CoreLogic noted that prices had increased the most in Perth by 2.0%, followed by Adelaide with a rise of 1.7%, and Brisbane with an increase of 1.2%. However, prices in Melbourne had decreased by 0.2%. CoreLogic also highlighted that demand-side factors had played a significant role in these price movements, especially due to above-average interstate migration rates observed in Western Australia, Queensland, and previously South Australia. Recent data indicated that Australian consumer inflation had accelerated to a six-month high in May, with core prices rising for a fourth consecutive month. This development increased market expectations for another interest rate hike this year. The Reserve Bank of Australia had maintained interest rates at 4.35% for five consecutive meetings.

CoreLogic reported that Australian home prices had risen in June for the seventeenth consecutive month, driven by tight supply, which outweighed demand-side pressures such as high interest rates, increased cost of living, and stringent lending conditions. According to CoreLogic's data, national home prices increased by 0.7% in June compared to May, following a gain of 0.8% the previous month. Prices had also risen by 8.0% compared to the previous year. Tim Lawless, Research Director at CoreLogic, remarked in a statement that despite several downside risks, including the country's cost of living pressures, high interest rates at a 12-year peak, affordability challenges in housing, and strict lending policies, the housing market continued to show resilience. He attributed this resilience to tight supply levels, which were exerting upward pressure on property values. Regarding price movements across major cities, CoreLogic noted that prices had increased the most in Perth by 2.0%, followed by Adelaide with a rise of 1.7%, and Brisbane with an increase of 1.2%. However, prices in Melbourne had decreased by 0.2%. CoreLogic also highlighted that demand-side factors had played a significant role in these price movements, especially due to above-average interstate migration rates observed in Western Australia, Queensland, and previously South Australia. Recent data indicated that Australian consumer inflation had accelerated to a six-month high in May, with core prices rising for a fourth consecutive month. This development increased market expectations for another interest rate hike this year. The Reserve Bank of Australia had maintained interest rates at 4.35% for five consecutive meetings.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code