In recent months, Australian house and unit prices have maintained an upward trajectory, growing by 1.3 per cent and 0.8 per cent, respectively. The persistently low supply of available properties, coupled with tight listings, has grown competition, resulting in elevated property values across both metropolitan and regional markets nationwide. Despite the recent uptick in inflation, discussions around interest rate reductions have been put on hold. Nevertheless, this continued price momentum is expected to characterise the Australian housing market throughout much of this year. House prices have surged by 10.3 per cent annually, reaching a current median of $873,371, while unit prices have grown by 7.8 per cent over the year, with a national median of $649,774. Interestingly, our data shows increased bidder activity in June, with four registered bidders on average across the country, reflecting strong buyer interest and competition. Across the country, the current preliminary clearance rate for the Ray White group is sitting at 73 per cent, and last week there were 692 auctions booked for the week, up 96 per cent on the same week a year ago. If you’re considering a move, get in touch with us for a chat about local market conditions and options. We look forward to helping you realise your property goals. Matthew Kidd Principal, Ray White Bensville/ Empire Bay WHAT’S HAPPENING IN OUR MARKET?
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