CoreLogic’s Home Value Index rises a further 0.9%

ABC NEWS (Australia)

Home prices are nearly back to the record highs of April last year. Nationally they rose nearly one per cent in October and it's no longer Sydney and Melbourne leading the gains.

Transcript

00:00 Chelsea Vladeck has been searching for a home in Hobart for two years.

00:07 I think on a nurse and a teacher wage, we're finally getting there.

00:12 Hobart's home prices are lower than this time last year, but the latest data shows prices

00:17 are rising again.

00:19 Nationally, property prices are just off last year's peak, having risen 0.9% in October.

00:26 The gains were driven by Perth, with a jump of 1.6%, as well as Brisbane and Adelaide,

00:32 where prices also rose more than a percent.

00:35 Darwin was the only capital city to record a loss.

00:39 Nationally, prices have risen 5.6% in the last 12 months.

00:44 I think it's only a matter of weeks before national home values reach record highs.

00:49 They're only half a percent off at the moment.

00:52 The spring selling season saw a 5% lift in properties for sale.

00:56 There's still a bit of a shortage of property on the market at the moment, so the properties

01:00 that do come on are hotly contested right now.

01:02 Supply is most restricted here in Perth.

01:06 The city posted a fall in the number of properties available during spring.

01:11 The number of homes available here is almost half the five-year average, while the number

01:16 of buyers is well above average.

01:18 So prices have risen at their fastest pace since March 2021.

01:23 Elsewhere the momentum is easing.

01:26 Nationally we've seen quarterly growth slow from about 3.5% in the June quarter to just

01:32 over 2% in the three months to October.

01:35 The sellers of this property want to make the most of the high prices while they can.

01:40 There's been lots of people coming through, so it's just about finding the right buyer

01:45 I suppose.

01:46 The Reserve Bank is widely tipped to hike interest rates next week.

01:50 Experts predict that will lead to a further cool-down in prices.

01:54 [BLANK_AUDIO]

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