A build-up in home listings and worsening affordability slashed the rate of house price growth by a third to 1.9 per cent across the combined capital cities during the September quarter, a new report from Domain shows.
“Another lift in interest rate is a concern because it will increase the cost of debt and reduce borrowing capacity further, but a lot of people have already priced in another rate hike, so it’s unlikely to significantly impact demand,” Dr Powell said. “Fresh listings are now coming onto the market quicker than they are being purchased, so total supply is building up, indicating the market dynamics are slowly changing.
Brisbane house prices have increased by 1.4 per cent over the past three months, easing marginally from the previous quarter, helped by the sharp drop of 19.2 per cent in new listings. “On the demand side, the strong population growth and tight rental market would likely fast-track home-buying decisions for some people, while those who have been waiting to buy would be enticed by the wider option.”Adelaide and Perth recorded the highest house price gains over the quarter at 4.4 per cent and 3 per cent respectively.
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Source: FinancialReview - 🏆 2. / 90 Read more »