Australian home prices post strongest monthly gain since May 2024
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The news: Australian home prices advanced for a seventh consecutive month in August, with Cotality’s Home Value Index rising 0.7%, the strongest monthly gain since May 2024.
The numbers: The national median value increased to $848,858, pushing annual growth to 4.1%. Brisbane posted the highest monthly rise at 1.2%, followed by Perth (+1.1%) and Darwin (+1.0%), while Hobart was the only capital city to record a decline (-0.2%).
Cotality said the growth cycle has been gradually building momentum since the Reserve Bank’s February rate cut, driven by a lift in borrowing capacity, real wages growth, rising confidence and tight advertised stock levels.
The other factor affecting the market is the level of listings, which remain 20% below average. The national rental vacancy rate remained close to historic lows at 1.5%.
What they said: “Once again we are seeing a clear mismatch between available supply and demonstrated demand placing upwards pressure on housing values”, Cotality Australia’s research director, Tim Lawless, said.
He noted demand is boosted by rising confidence and low stock, while vendors benefit from limited competition.
The source: Cotality media release
