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.

Next Story
Infrastructure Energy

We are among the global top 3 in tech adopti

As energy gains global importance, L&T has built a strong presence across hydrocarbons, power, renewables and green technologies. With energy contributing significantly to its revenues, the company is now focused on sustainability and future readiness. In conversation with PRATAP PADODE, Editor-in-Chief, CW, Subramanian Sarma, Deputy Managing Director & President, L&T outlines the company’s strategy for transition, talent and technology.With energy becoming increasingly vital and a key contributor to L&T’s revenues, how do you see the segment evolving?We’ve been..

Next Story
Real Estate

Redevelopment Rush!

Mumbai is on the cusp of an urban transformation, driven by the pressing need to replace ageing, unsafe buildings with modern, high-density developments. The scale and pace of redevelopment across the city is unprecedented – and yet fraught with complexity.Redevelopment has become a defining strategy for urban renewal in Mumbai. One of the most challenging aspects is the displacement it entails – residents are often required to vacate their homes and live in transit accommodations until the new structures are ready. This raises valid concerns: Will the transit housing meet our needs? Will ..

Next Story
Infrastructure Urban

Vedanta Metal Bazaar Achieves Sales Value of Rs 400 Bn

On National MSME Day, Vedanta, India’s leading critical minerals, transition metals, energy and technology conglomerate announced that its non-ferrous metals e-store has achieved a staggering Rs 400 billion in total sales value. Operated under the name of Vedanta Metal Bazaar, it is the world’s largest non-ferrous metals e-store offering more than 1200 stock keeping units (SKUs) across metals such as aluminium, zinc, lead and copper. The platform brings ease-of-doing business for customers on their fingertips by providing a streamlined, digital-first solution that enables businesses to pro..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?