It may be a case of ‘the only way is up’ for property prices with home prices showing the first rise since April 2022
CoreLogic’s national Home Value Index (HVI) rose by 0.6 per cent last month.
Values were higher across the four largest capital cities and most of the broad ‘rest-of-state’ regions, led by a 1.4 per cent gain in Sydney.
There were a number of reasons for this – but these reasons only look to be getting stronger
CoreLogic’s Research Director, Tim Lawless, put the rise down to a combination of low advertised stock levels, extremely tight rental conditions and additional demand from overseas migration.
And this week’s rate pause from the Reserve Bank will boost confidence in the property market
But long-term factors mean that demand for housing continues to boom. The surge in immigration and the return of international students has seen demand for housing increase. The extra half a million people have to live somewhere. They are competing with locals in the rental market, where vacancy rates are tracking at near-record-low levels and rents are rising at a strong double-digit pace.
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