00:00 New data from CoreLogic shows that although house prices rose by 8.1% nationally last
00:08 year, that growth actually slowed during the back half of the year and were well below
00:13 the surges that were seen during the pandemic of above 20%.
00:18 In fact, last year in December, house prices only rose by 0.4% nationally, which was the
00:25 slowest growth seen since house prices began rising in February last year.
00:31 And CoreLogic says that there are a range of reasons why the heat has been slowly taken
00:36 out of the market in the last half of the year.
00:39 That's because of things like cost of living pressures, the interest rate hikes around
00:43 the country, and also worsening affordability.
00:47 In terms of rental prices, which is a big issue across the nation, rents rose by 8.3%
00:53 nationally, which is roughly about $46 a week based on the median rental value.
01:00 We heard earlier from CoreLogic's Head of Australian Research, Eliza Owen, and this
01:04 is a little bit of what she had to say about the rental market.
01:08 Rent growth has now cracked the $600 a week mark when we look at the national median rent
01:15 value.
01:16 And I think while we can probably expect rental growth to slow down a bit in 2024, we're not
01:23 expecting it to drop back to pre-COVID levels just yet.
01:27 The report shows that house price growth has been a different story across the country,
01:32 ranging from about a 15% surge in Perth and a 1.6% drop in regional Victoria.
01:40 In terms of capital cities, we're told that Perth, Adelaide and Brisbane have been growing
01:45 at a faster rate than Melbourne and Sydney, where the pace of growth has really slowed
01:50 since the June interest rate hike.
01:52 And that's largely put down to the fact that housing affordability hasn't been as pressing
01:57 in some states.
01:59 As for comparing capital cities and regional areas, the capitals have generally seen house
02:03 prices grow compared to regional areas.
02:06 Combined, the capital cities grew 9.3%, which was more than double the 4.4% rise across
02:13 regional areas.
02:15 And that's partially been put down to the fact that there hasn't been as much migration
02:19 to regional areas during the past year.
02:22 [BLANK_AUDIO]
Comments