Ouch that’s steep
Bad news for house hunters/good news for home sellers… Property prices have continued to climb, rising 1.9% in June. Looking back on the financial year that was, national home values rose 13.5% – the highest rate of growth since 2004, when the early 2000’s housing boom was winding down after a strong growth period. Every capital city posted gains in June, with Hobart leading the pack (3%), followed by Sydney (2.6%) and Melbourne (3%). It’s thanks to strong demand, better than expected economic conditions and record-low interest rates. That and a low number of properties on the market for sale have created some “urgency” among buyers, according to CoreLogic’s Eliza Owen. But things could ease up. The pace of growth at the top end of the market has cooled, which is a “clear sign of a shift in momentum,” she says. Until next month…
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