National media property prices reach record levels

ABC NEWS (Australia)

New data shows national house prices have hit a fresh high for the 18th month in a row. Analysis by core-logic shows the median dwelling value is now just shy of $800,000 but there is a lot of difference between regions.

Transcript

00:00So today I'm at an inspection, hello there, for a two bedroom apartment in Melbourne that's

00:10for sale for about $650 to $695, which makes it pretty good for dual income first home

00:17buyers.

00:19The agent here is Emily Sayers.

00:21Hello.

00:22Hello Emily.

00:23How is demand for this property?

00:25Because this one's on 100 square meters and it's classified as Richmond Hill, we've got

00:29high demand.

00:30So at this stage, after week one, I've probably got around three to four strong buyers on

00:35it.

00:36So we've heard the market's actually a bit jittery at the moment, though.

00:38It is a little bit jittery, but I think around this price point, because rentals, obviously

00:44there's not a high amount of rentals at the moment and people are struggling to get into

00:49the rental market, they're now looking to buy.

00:51So even with interest rates.

00:53I actually had another agent cancel on me this morning because I didn't want to talk

00:56about cooling conditions.

00:57Oh really?

00:58Yeah.

00:59Do you think some agents are maybe doing worse than others?

01:02I think they're definitely, yeah, you know what, you have to work harder in this market.

01:06I think that's really what it boils down to.

01:07See you guys.

01:08Thanks for coming through.

01:09The latest figures from CoreLogic show us we're now in this patchwork situation across

01:13the country.

01:15Cities like here in Melbourne are slightly down in prices along with Darwin and Hobart,

01:20but other places like Sydney are still going very strong.

01:24In fact, the median house price in Sydney is now $1.17 million.

01:31There's obviously a range of factors that are impacting why people might be paying more

01:36or less for homes in Australia.

01:38We have the cost of living situation.

01:40We have affordability and there's been a lot of chatter that interest rates are going to

01:45stay higher for longer.

01:47Currently, they're at 4.35% and the Reserve Bank meets next Tuesday.

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