Although there was speculation of a downturn in the market, triggered by successive interest rate hikes and high inflation, house prices have soared for two consecutive quarters.
According to Domain’s House Price Report, released on Thursday, the national median house price increased by 2.7 per cent in the June quarter to $1,049,812.All capital cities, except for Canberra, have clawed back $35,000 of the $60,000 lost in last year’s market downturn.Sydney is continuing to lead the nation’s housing market recovery, up 5.3 per cent from last quarter to $1,538,017.
Both Adelaide and Perth are experiencing all-time highs in the market, with median prices of $813,842 and $690,468 respectively. Melbourne’s median price is $1,027,996, which is up 0.4 per cent from last quarter but down 4.4 per cent year-on-year.We have published the dates for meetings of the Reserve Bank Board and related announcements in 2024. Read the media release here -