Home values climbed to a fresh peak nationwide, after lifting by 0.6 per cent in March, taking the upswing to its 14th consecutive month of growth, fuelled by sharp gains across Perth, Adelaide and Brisbane, data from CoreLogic shows.
“Overall, it looks as though housing markets are continuing to traverse the high interest rate and high cost of living environment better than most would have expected.”Paul Bloxham, HSBC chief economist and former Reserve Bank of Australia official, said the sustained growth in prices, along with sticky inflation and supportive budget could delay interest rate cuts until next year.
“Perth just doesn’t seem to be slowing down and with strong population growth, robust economy, affordability and healthy rental yields compared to most capitals, it looks like it will probably continue to be the standout market in terms of value growth,” Mr Lawless said.“I wouldn’t describe this as sustainable over the medium to long term, but I don’t see Perth turning into a bubble anytime soon, given that the underlying dynamics still look relatively healthy.
“I think more buyers will put off their plans if they believe there’s no rate cuts this year,” he said. The worsening affordability and constrained mortgage serviceability has shifted demand from the upper end of the market to the most affordable segment, according to CoreLogic.
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