The Australian property market has continued to rise to near-record prices, with median house prices currently at $1,078,480 for houses, and $622,735 for units across the capital cities.
All of the indications were that prices would drop during 2023 with the high interest rates and high inflation and cost of living, however the market has continued rising and taken property analysts and experts by surprise. It appears that population growth could be playing a key part in this.
Domain Chief of Research Dr Powell states that housing cycles have occurred more frequently and more sharply in recent years.
The suburb capital growth chart below has been run by picking a suburb in each of 5 capital cities (Sydney, Melbourne, Brisbane, Adelaide, Perth) - prices have growth in the double-digit percentages for most of these suburbs in the last 12 months.
Read the following article on Domain to find out more - https://www.domain.com.au/news/how-has-australias-property-market-reached-near-record-prices-in-this-economy-1244379/.
