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Ray White Economics Update 30.05.2024

By Jennifer Clark

Capital city price growth diverges

Perth, Adelaide and Brisbane continued their runaway growth in May with all cities now recording year-on-year growth of in excess of 14 per cent. Perth continued its strong run with prices up over 24 per cent over the past year for houses and 20 per cent for units.

Meanwhile, Melbourne and Hobart are showing the weakest market conditions in the country. Recent tax increases put in place for property owners in Victoria have led to an increase in properties coming to market, softening price growth. Hobart was the only capital city to see a decline in prices over the month.

The Sydney market remains a strong performer despite continued affordability challenges in that city. Prices increased by 7.7 per cent over the year. Melbourne and Sydney price growth is also looking significantly different.

Regional areas broadly show continued increases. Regional Western Australia continues to be the strongest while regional Victorian growth remains weak.

Price growth trends are likely to be similar in coming months. Inflation data released yesterday shows that it’s not coming down quickly and the expected timing of a rate cut remains for early next year. Properties coming to market remain elevated but are being driven by different factors. While it appears to be a sign of weakness in the Melbourne market, similarly strong  increases in Adelaide are likely being driven by vendors seeing now as a good time to sell.

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