Australian Home Prices up 8%
Australian home values have surged by 8% in FY24, translating to a $59k wealth boost for homeowners. While this is great news for those already on the property ladder, it exacerbates housing affordability issues for non-homeowners.
Key Themes from CoreLogic Australia's June HVI Update
Diverse Growth Across Capital Cities
The growth in home values isn't uniform across the country. Perth leads with an impressive 23.6% annual increase, whereas Hobart experienced a slight decline of -0.1%. This diversity highlights the varying market conditions and opportunities across different regions.
Low Advertised Stock Levels
Sellers continue to benefit from low advertised stock levels, with capital city inventory remaining 15.6% below the five-year average for this time of year. However, there is a slight increase of 1.3% compared to the same period last year. Notably, softer markets like Hobart and Melbourne are seeing higher advertised supply levels, bucking the overall trend.
Upward Pressure on Rents Eases
There’s a slight easing in the upward pressure on rents, particularly in the unit sector of the three largest capitals. This aligns with a reduction in net overseas migration and affordability challenges. Unit rents have risen more substantially than house rents in recent years, but this trend is now showing signs of slowing down.
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Keywords: Australian Home Values, FY24, Housing Affordability, CoreLogic Australia, June HVI Update, Capital Cities, Property Market, Rental Sector, Real Estate, S32, AI Conveyancer, Section 32, Contract of Sale, Rental Agreement