House prices recover despite multiple rate rises
We’ve all heard stories about how our parents or grandparents bought their first property for an amount that would barely cover a deposit these days. It shows how much the Australian housing market has grown in the last few decades, but it also highlights the challenges facing would-be homeowners today.
Looking at the June quarter, we saw widespread gains in the housing market, despite consecutive RBA rate rises in May and June. Sydney led the charge with a 4.9% quarterly gain, with dwelling prices in all capitals rising an average of 3.3%, and regional areas up 1.1% .
Even with this positive quarter, the housing market as a whole is still 6% below the peak of April 20221, so there’s still a way to go to shake off the impact of higher interest rates.
|City||Median dwelling price (house and units)||Capital growth last 12 months|