Housing prices across the country re-accelerated through May as a combination of ultra-low interest rates, strong consumer confidence and low supply drove prices to their highest levels in every capital city.
Melbourne’s house values jumped by 2.2 per cent to be 6.3 per cent better over the quarter. The median house price has now gone through $900,000. Unit values in Melbourne lifted by 0.8 per cent to be 4.9 per cent up over the past year.CoreLogic’s Tim Lawless says low supply, strong consumer confidence and low interest rates are helping drive up prices.Values in Hobart increased by 2.2 per cent in May, by 2.1 per cent in Adelaide, by 1.1 per cent in Perth, by 2.7 per cent in Hobart, by 1.
“The combination of improving economic conditions and low interest rates is continuing to support consumer confidence which, in turn, has created persistently strong demand for housing,” he said. Mr Lawless said housing values over the past three months had climbed in 97 per cent of the nation’s housing markets.“Such a synchronised upswing is an absolute rarity across Australia’s diverse array of housing markets,” he said.
swrighteconomy JennieDuke Looks like a banking catastrophe in the making.
swrighteconomy JennieDuke What is the future here? Will purchases be dependant only on generational wealth? Will the middle class disappear? I would like to see a deeper dive on rising house prices in Australia. Where are we headed?
swrighteconomy JennieDuke The bubble can't pop soon enough.
swrighteconomy JennieDuke Bloody nuts.
swrighteconomy JennieDuke We need a tax on home owners that own more than two properties. It's ridiculous how the government enables people to 'expand their portfolios' rather than encouraging first home buyers to enter the market.