Sydney’s home values have fully recovered from the downturn after gaining 0.6 per cent in May, the fastest pace of growth in three months, as a persistent supply shortfall outweighs the drag of higher interest rates, data from CoreLogic shows.
“The common denominator remains a mismatch between housing supply and housing demand, and until that’s fixed, I think there’s going to be further upwards pressure on prices.”Brisbane raced ahead of Canberra to become the country’s second most expensive capital city after its median dwelling value increased to $843,231, pipping Canberra’s $840,100. The last time Brisbane rose to the second position was in 1997.
“We’re still seeing above-average interstate migration to Queensland, while investors have also been active across the state, so demand remains very strong,” Mr Lawless said.across Brisbane are about 34 per cent lower than the five-year average. Any new stock on the market is being absorbed rapidly.”median dwelling value rose by just 0.1 per cent over the month, while Hobart fell by 0.5 per cent and Darwin slipped by 0.3 per cent.
“At the normal immigration level, we need at least 200,000 homes. So whichever way you cut it, we’re running way below where we should be. We’re going to have a massive supply shortfall. It’s hard to see that changing any time soon.”
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