The property market continues to heat up. While there was speculation that house price growth would slow once more properties became available for sale, this doesn’t seem to be the case. Buyer demand remains robust, despite finance costs and the relative difficulties in getting a home loan compared to 18 months ago. In July, we saw prices decline slightly but this was more than reversed in August. The July fall was likely due in part to the surprise interest rate rise in June. Unit price growth is strong with all capital cities now recording year-on-year unit price growth. Very strong population growth and building challenges have resulted in Brisbane recording the most growth. Brisbane units continue to see a faster rate of growth than houses. While surprising that demand for housing is so high in such a high interest rate environment, it reflects strong population growth and a reduction in new home construction. Continuing rental increases are leading more people to consider buying their own homes, while a lack of new home builds are pushing more into the established home market. With interest rates at or close to peak, it’s likely greater certainty about where rates will settle will also be a factor. If you’re considering a move, get in touch with me for a chat about your options. I look forward to helping you realise your property goals. Ela Milne Licensed Real Estate Agent Elite Sales and Marketing Executive WHAT’S HAPPENING IN OUR MARKET?
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