The weather may be cooling down as winter approaches, but the property market continues to sizzle.
The latest CoreLogic figures revealed house prices rose for the 15 month in a row across the country in April. The national median dwelling value is now $779,819.
Sydney remains the most expensive place to buy, with the median now at $1.4 million, while Melbourne was the only city to see a slight fall in prices in April. Perth had the largest gains of 2.0 per cent.
If you’re considering a winter property purchase and want to get your property dream on track, chat with us about getting your finance pre-approved today.
Interest rate news
The Reserve Bank of Australia (RBA) kept the cash rate on hold at 4.35 per cent at its latest meeting.
And while the news is positive for struggling homeowners, many are wondering how long the reprieve will last as the RBA continues to battle inflation.
Michele Bullock, the RBA governor, has not ruled out future increases to the cash rate. She stated that the war against inflation “isn’t yet won” and described the risks to its outlook remain “finely balanced”.
While some economists have predicted further rate hikes are a near-term possibility, with potential cuts expected to occur at a slower pace, the latest Roy Morgan data reveals a stark reality: more than 1.5 million mortgage holders were at risk of mortgage stress in March 2024.
If you’re one of them, get in touch and we will run you through your finance options, including whether there’s a more competitive home loan available to you.
The RBA board meets next on June 17-18.
Home value movements
National housing values rose 0.6% in April, with low supply continuing to drive up prices.
Perth topped the growth charts with a rise of 2% in April, followed by Adelaide at 1.3% and Brisbane at 0.9%.
Meanwhile, Melbourne property prices fell -0.1%.
“We aren’t seeing any signs of heat coming out of the Perth housing market just yet, in fact the quarterly pace of growth, at 6.0%, is approaching the cyclical highs seen during the pandemic when interest rates were at rock bottom,” CoreLogic research director Tim Lawless said.
“On the other hand, we are seeing the pace of gains slow across the Brisbane market, easing below the 1% mark to 0.9% in April for the first time in 12 months.
“Affordability pressures may be impacting the pace of growth across the city, following a nearly $300,000 increase in values since the onset of COVID in March 2020, the largest dollar value increase of any capital.”
Regional markets showed a slightly stronger quarterly growth rate over the past five months compared to their capital city counterparts.
Regional WA (+5.3%) led the way, followed by Regional SA (3.9%) and Regional Queensland (+3.2%). Regional Victoria (-0.1%) was the only rest-of-state market to record a decline in values over the rolling quarter.
* Monthly Home Values figures as of 30 April 2024
* Australian auction results, clearance rates and recent sales for the week ending 12 May 2024
* The clearance rate is preliminary and current as of 3:00 pm, 14 May 2024
Whether you’re planning an exciting property purchase, or you’re looking to refinance your loan, we’re here. Please contact us for assistance to talk through your finance needs.
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