It was great news for mortgage holders that the Reserve Bank of Australia held interest rates this month. While it’s possible rates may increase a bit more, house price growth is now firmly entrenched with Australian house and unit prices now exceeding their 2022 peaks.
Buyer activity continues to increase and we’re seeing this most clearly through Ray White auction data. The number of people bidding at auction is now back to where we were in April 2022. The number of active bidders remained stable in June, rather than increasing, perhaps due to the surprise interest rate increase at the start of that month.
We hope you enjoy this month’s Ray White Now and we look forward to providing you with more property market information in 2023.
Source: Ray White
Australian residential property values have continued their upward trend in recent months, though June saw a deceleration with both houses and units recording a modest 0.2 per cent monthly increase. The ongoing scarcity of available properties and limited listings has intensified competition, driving up prices in both capital cities and … Read more
Property prices continue to rise nationwide, with significant growth in both metropolitan and regional areas. Regional markets show less dramatic changes, with Western Australia leading despite median prices remaining under $500,000, making it one of the more affordable regions. South Australia and Queensland demonstrate steady growth at 2.6 per cent … Read more