/ 02 February 2024

Another brick in the home price wall

Newly-constructed houses are seen in western Sydney on August 2, 2022, as Australia's central bank raised interest rates taking the cash rate to 1.85 percent. (Photo by Saeed KHAN / AFP) (Photo by SAEED KHAN/AFP via Getty Images)
Newly-constructed houses are seen in western Sydney on August 2, 2022, as Australia's central bank raised interest rates taking the cash rate to 1.85 percent. (Photo by Saeed KHAN / AFP) (Photo by SAEED KHAN/AFP via Getty Images)

Aussies remain desperate to get into the housing market despite prices continuing to climb… The latest data from market analysts CoreLogic shows January delivered the 12th straight month of rising rents (+0.8% in January) and home prices (+0.4%). Perth felt the steepest increases over the past year (+16.7%) ahead of Brissy (+14.8%) and Sydney (+11.4%), Adelaide (+10.3%), Melbourne (+3.9%), and Canberra (+1.2%), with Darwin steady (0%) and Hobart bringing up the rear (-0.4%). And securing a house is the main game, with the gap between median house and unit values hitting a record 45.2%. But not everyone’s a fan… Kevin McCloud, the OG host of Grand Designs, reckons our love for big houses stifles innovative architecture and impacts urban liveability. He reckons we need to become ‘YIMBYs’ (yes in my backyard) and embrace townhouses and terraces.

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