+
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
Infrastructure Urban

Assam Gets Approval For 350,000 PMAY Homes

Assam Chief Minister Himanta Biswa Sarma met Union Agriculture Minister Shivraj Singh Chouhan in New Delhi, where the minister handed an approval document for 310,000 new homes under the Pradhan Mantri Awas Yojana. The chief minister subsequently posted on X expressing gratitude and noting that the minister had formally handed approval for 380,000 homes as well. The release and the social media post contained varying figures, with broader references to 350,000 homes reported in some summaries. The approvals carry central assistance equivalent to Rs 50 billion (bn), corresponding to the five th..

Next Story
Infrastructure Urban

KPIGreen Achieves Highest Energised Capacity of 630+ MW DC

KPI Green Energy energised more than 630 MW DC of capacity in the June to August quarter, marking the highest quarterly addition in the company's history. The capacity was brought online across its Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) businesses. The company said the achievement reflected the scale, speed and consistency of its project execution engine. The firm described the quarter as a material operational milestone since its founding. The milestone covers a diversified mix of IPP assets and projects executed under the EPC vertical, spanning u..

Next Story
Infrastructure Energy

Adani Energy Solutions Wins Rs 47 bn Maharashtra Transmission Project

Adani Energy Solutions has won a transmission contract in Maharashtra valued at Rs 47 billion (Rs 47 bn) to evacuate 4,500 megawatt (MW) of renewable and storage power. The company informed exchanges that the project will facilitate pumped storage potential near Satara and strengthen the inter-regional corridor between the Western and Southern grids. The award follows a competitive bidding process and will support renewable energy evacuation to major load centres in the state. The scope includes establishment of a 765/400 kV substation at Satara, construction of a Kolhapur-Satara 765 kV double..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code