Despite a lot more homes on the market compared to last year and interest rates a lot higher, house price growth is continuing across our capital cities. The capital city median is now getting closer to $1 million and is now significantly above the previous peak reached last year. Price growth is expected to continue for the remainder of the year. Despite 13 interest rate increases from the Reserve Bank of Australia, which have seen official rates rise by 4.25% over the 18 months, property prices have now been on the rise since early 2023. A lack of properties continues to be a challenge for buyers. We saw a jump in listings in late winter however this has failed to continue and spring has been far slower than expected for properties coming to market. In addition, potential new home buyers are being pushed into the established home market and strong rental increases are making renting far less attractive. With the pipeline of new listings diminishing as the year ends, at a time when many buyers are keen to complete their transaction before the holiday break, it’s not likely that the latest interest rate rise will stall the market. We hope you have a fantastic holiday season filled with joy and precious moments shared with your loved ones. May 2024 bring you an abundance of happiness, success and exciting opportunities. Thank you for once again being an incredible supporter and we can’t wait to come back in full swing and continue serving you in the year ahead! Andrew Lonsdale Senior Sales Agent Ray White Canberra WHAT’S HAPPENING IN YOUR MARKET?
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