RESIDENTIAL PROPERTY
NATIONAL home prices remained relatively unchanged in January, seeing only a slight 0.02% increase for the month...
According to PropTrack’s latest Home Price Index, prices remained steady across Australia’s combined capital cities in the first month of the year, following a minor drop in December...
“Home price growth has slowed from what we were seeing in the middle of 2023, with national prices relatively unchanged since November,” said...
“Several factors have contributed to the slowdown, including the additional interest rate rise in November and more homes hitting the market in late winter and spring...
In Sydney, prices were down a minor 0.04% in January, down 0.09% in Melbourne and down 0.13% in Adelaide and Canberra...
While Hobart and Brisbane saw modest increases of 0.09% and 0.17% respectively over the month and Perth saw the most significant boost at 0.5%...
All regional areas saw increases over the month, excluding regional Queensland’s 0.2% decline, with regional NSW up 0.21%, regional Victoria up 0.06%, regional...
“Strained affordability – which sits at its worst level in at least 30 years – is likely weighing on home prices. Nonetheless, we expect prices in 2024 will still grow...
“A more stable interest rate environment, coupled with ongoing population growth and a low level of new building activity, will support home price growth this year.”