House prices rise for the 12th consecutive month
Australian house prices have risen for the twelfth straight month, despite cost of living pressures.
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TVTranscript
00:00 This is the latest data from Property Research's CoreLogic and it shows yet another rise in
00:08 home values, albeit a bit subdued, up 0.4% for the month of January.
00:16 But that is marginally higher than the 0.3% increases that we saw for both November and
00:22 December and also means that for the entire year we're looking at an increase of 8.7%
00:29 across the nation.
00:31 We're also seeing that this raises the median value of a home around the country to just
00:38 shy of $760,000.
00:42 If we take a look around the capitals we can see that Perth is a clear standout.
00:47 That is up by 1.6% for January, in fact a 16.7% increase for the year there.
00:55 Also Adelaide and Brisbane are up by around 1%.
01:00 Darwin and Sydney have also recorded marginal increases.
01:04 While if we take a look at the areas where we have seen house values actually lower,
01:10 Hobart leads the way there, down 0.7% for the month of January, while Canberra and Melbourne
01:17 also are marginally in the doldrums.
01:20 CoreLogic also says that regional house price values have increased compared with their
01:26 capital city counterparts.
01:27 So we've seen in the past quarter regional values go up by 1.2% compared with 1% in the
01:35 capital cities.
01:37 CoreLogic also says that the gap between unit values and house prices have increased to
01:44 a record high of 45.2%.
01:49 CoreLogic says regional house price values have increased faster than their capital city
01:54 counterparts for the last quarter.
01:56 We've seen regional values go up by 1.2% compared with 1% in the capital cities.
02:04 We've also seen the gap between house values and unit prices increase to a record high
02:12 of 45.2%.
02:16 CoreLogic says that despite the cost of living pressures, we're also seeing the numbers of
02:21 houses actually being sold still keep ticking along, so those volumes are up on the averages
02:28 just slightly for the past three months.
02:31 CoreLogic also says that regional house price values have increased faster than their capital
02:37 city counterparts.
02:38 So in the past quarter we've seen regional values go up by 1.2% compared with just 1%
02:46 in the capitals.
02:47 We've also seen the gap between house values and unit values rise to a record high of 45.2%.
02:57 And despite the cost of living crunch that we're seeing and the high interest rate environment,
03:03 we're still seeing those house price sales continue to tick along, so volumes are actually
03:09 slightly above average for the past three months.
03:14 CoreLogic says that the latest inflation figures, which is 4.1% for the December quarter, means
03:21 that it is much more likely that we're going to see an interest rate cut sometime later
03:26 this year.
03:27 They say that that should fuel housing activity.
03:31 You'd have to say with the latest inflation data coming in much lower than expected and
03:35 now a lot of economists bringing forward their rate cut calls, that is going to be a net
03:41 positive for housing sentiment.
03:43 CoreLogic says housing demand has remained high due to high migration, but also a really
03:49 tight rental market that has probably incentivised renters to get out of their rental properties
03:55 and into a mortgage if they can afford to do so.
03:58 [BLANK_AUDIO]