Home values have remained resilient to higher interest rates this year, and this continued in November with prices continuing to lift and hitting fresh record highs in many markets, although the pace of growth has slowed due to the increase in properties coming to market.
Earlier this year national home prices reclaimed 2022’s price falls in their entirety, with the upswing continuing in November as national home prices climbed 0.22% month-on-month to set another fresh record, bringing them up 5.53% so far this year and 1.29% above their previous peak recorded in March 2022.
Australia’s median home price jumped by $40,900 over the past year, as price momentum strengthened across the country off the back of this year’s interest rate cuts. Click here to read more.
Rents continue to rise across Australia, prompting some to call for rent control to give tenants some relief, but experts say it’s a complex idea that could cause more problems than it solves. Click here to read more.