Latest figures show housing prices rise again nationally
The latest housing data is in, and it shows a property market firmly in recovery mode. House prices have risen for the sixth consecutive month as a lack of supply continues to put the squeeze on buyers and renters may finally be getting some breathing space following a period of record increases.
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00:00 Soaring interest rates, affordability pressures and weak consumer confidence led to a housing
00:07 downturn last year. Now that's all changing. This four bedroom house in Bondi was supposed
00:13 to go under the hammer this weekend, but that won't be necessary. It sold today ahead of
00:19 time. We're seeing a lot more confidence in the
00:22 market than we saw even six months ago and about a year ago.
00:26 I think we were perhaps a little bit reluctant to sell in a market like this, particularly
00:30 because we've been hearing that things may be slowing down, but we got the result we
00:34 were looking for in the end. The latest data shows Australian property
00:38 prices are continuing to recover, rising for the sixth consecutive month. Across the nation,
00:45 house prices rose by 0.8% in August, despite being down 1.1% for the year.
00:52 Brisbane recorded the biggest increase, 1.5%, followed by Sydney, Adelaide, Perth and Darwin.
00:58 There were modest gains in Melbourne and Canberra, while Hobart was the only capital city to
01:04 see a fall in prices. Houses are typically seeing more growth than
01:09 units. What's really driving the turnaround is simply
01:12 very low supply levels running into roughly about average levels of demand.
01:18 But analysts are expecting a slowdown in the pace of price growth as more supply comes
01:23 on the market over spring and summer, which historically are busier selling periods.
01:29 The hot rental market is finally starting to ease. Rents increased by just 0.5% in August,
01:35 the smallest rise in almost three years. Although vacancy rates are still at record
01:41 lows. Renters are reaching a ceiling on how much
01:44 they're able or how much they're willing to pay in rent. And we're really starting to
01:48 see more evidence now of a restructure in rental demand.
01:51 The Reserve Bank is expected to keep rates steady when it meets on Tuesday, giving renters
01:56 and homeowners some level of certainty.
01:59 [BLANK_AUDIO]