CoreLogic: House prices in Australia rise by 0.7%

02 Jul 2024 CW Team

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.

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