Latest news with #LoadingCotality
The Age
7 days ago
- Business
- The Age
Home values continue to rise as Sydney median hits $1.5 million
House values across the country are gaining pace and hitting record highs in most capital cities as a shortage of properties for sale and previous cuts to official interest rates risk adding to the nation's housing affordability crisis. As figures showed a substantial pick-up in the number of new homes being approved for construction, Cotality's measure of dwelling values rose by 0.6 per cent in July to be 1.8 per cent up over the past three months. In Sydney, the median house value has climbed through the $1.5 million mark, increasing by 0.8 per cent last month to be 3.3 per cent up since the start of the year. Melbourne's median house value increased by 0.4 per cent to $952,000. Although up 2.8 per cent so far this year, values in Melbourne are still short of the peak hit during the COVID pandemic, when the official cash rate was at 0.1 per cent. House values in Brisbane ($1.019 million) and Adelaide ($895,726) lifted by 0.7 per cent last month, while they increased by 0.9 per cent in Perth ($869,689) and by 0.6 per cent in Canberra ($984,723). Loading Cotality research director Tim Lawless said July was the sixth consecutive month of higher property values, which had started increasing after the Reserve Bank's February interest rate cut. 'At the national level, the pace of growth in housing values is no longer accelerating,' he said. 'Rather, we have seen growth rates holding a little above half a per cent from month to month since May as the opposing influence of low supply, falling interest rates and rising confidence run up against affordability constraints and lingering uncertainty.'
Sydney Morning Herald
7 days ago
- Business
- Sydney Morning Herald
Home values continue to rise as Sydney median hits $1.5 million
House values across the country are gaining pace and hitting record highs in most capital cities as a shortage of properties for sale and previous cuts to official interest rates risk adding to the nation's housing affordability crisis. As figures showed a substantial pick-up in the number of new homes being approved for construction, Cotality's measure of dwelling values rose by 0.6 per cent in July to be 1.8 per cent up over the past three months. In Sydney, the median house value has climbed through the $1.5 million mark, increasing by 0.8 per cent last month to be 3.3 per cent up since the start of the year. Melbourne's median house value increased by 0.4 per cent to $952,000. Although up 2.8 per cent so far this year, values in Melbourne are still short of the peak hit during the COVID pandemic, when the official cash rate was at 0.1 per cent. House values in Brisbane ($1.019 million) and Adelaide ($895,726) lifted by 0.7 per cent last month, while they increased by 0.9 per cent in Perth ($869,689) and by 0.6 per cent in Canberra ($984,723). Loading Cotality research director Tim Lawless said July was the sixth consecutive month of higher property values, which had started increasing after the Reserve Bank's February interest rate cut. 'At the national level, the pace of growth in housing values is no longer accelerating,' he said. 'Rather, we have seen growth rates holding a little above half a per cent from month to month since May as the opposing influence of low supply, falling interest rates and rising confidence run up against affordability constraints and lingering uncertainty.'
