High interest rates and inflation have failed to dampen the nation’s property market, with Sydney’s median house price reaching a record high of more than $1.4 million while Brisbane has become the second most expensive capital in the country.
In a sign that Melbourne is becoming more affordable for hard-pressed potential home buyers, the median house value was steady at $937,289 while values of units in the southern capital lifted 0.3 per cent to $614,299. Brisbane’s median unit value climbed 1.9 per cent last month to now sit almost $1200 above Melbourne units.Across houses and units, Brisbane is now the second most expensive capital behind Sydney after overtaking Canberra in May. But Canberra’s median house price, $961,403, was up 0.5 per cent over the past month.CoreLogic research director Tim Lawless said extremely low levels of supply were putting the squeeze on prices.
“Despite worsening affordability pressures, from both a purchasing and a rental perspective, Australian residents still need to keep a roof over their heads.” “The trend towards a slowdown in rental growth can probably be attributed to an easing in net migration since the first quarter of 2023, as well as rental affordability pressures forcing a change in rental patterns,” he said.
Household deposits held by National Australia Bank actually fell 0.1 per cent in May, although over the past year they were still up by 7.3 per cent.
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Source: 7NewsSydney - 🏆 16. / 63 Read more »
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