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Why House Prices Remain High

Australian house prices remain high, despite the best efforts of the Reserve Bank of Australia to dampen inflation by raising interest rates.
The average interest rate on a new home loan has more than trebled in the past 12 months.

Despite this, median house prices have only dropped about 6% since April 2022 and appear to be on the way up again.
CoreLogic figures show national home values rose 2.8% in the June quarter, the highest quarterly rise since January 2022.

High levels of employment and the rising migrant intake are all contributing to an increasing demand for housing which is driving up prices.
Sydney recorded the highest house price increase of 2% in June, followed by Brisbane, up by 1.3%, Adelaide, up 1%, Perth, 0.9%, Melbourne, 0.6%, Canberra, 0.5%, and Darwin, 0.1%.

Tasmania house values dropped 0.5% in the month. CoreLogic research director, Tim Lawless, says a lack of homes on the market is a kay factor in price increases.


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