In February, house prices in Australian capital cities remained stable, according to data analytics company, Neoval. Prices have now increased by 1.9 per cent since December. If this is the end of the pricing downturn, peak to trough, Australian house prices have fallen 6.9 per cent. We may not be in for another COVID-like price surge but it does appear that conditions have stabilised.
If house prices now show a continual increase from this point forward it highlights the complexity of property markets. House prices are very sensitive to interest rates and there is almost complete consensus that these will continue to increase for a bit longer.
This month in Ray White Now we take a look at how each capital city is now performing. Since the start of last year, all capital cities have seen prices declining however the rate of decline has been significantly diverse.
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
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Australian house and unit prices continue their upward trend this month, albeit at a slower pace. Both housing types saw a modest 0.2 per cent appreciation. However, the market is exhibiting greater diversity across states and regions, reflecting varying local economic conditions. July’s CPI results indicate a continued downward trend, … Read more