National Home Value Index records 0.3% per cent rise in October

ABC NEWS (Australia)

Property prices are still going up, but the pace is beginning to slow. Buyers are being held back by how much they can borrow and at the same time, more homes are being listed for sale.

Transcript

00:00Selling season is heating up in the nation's second most expensive city.

00:11This real estate agent in Brisbane just sold a two bedroom unit $60,000 above the reserve.

00:17She's now gearing up to auction another in the same complex.

00:21This is our second open home and so far we've had 16 groups through and I've got lots of

00:26interest to parties.

00:27All properties are also being put up for sale.

00:30We're seeing a bit of movement from sellers who have been investors or long time holders,

00:35you know, taking advantage of really great prices at the moment.

00:38Prices continued to pick up nationally, up 0.3% in October and 6% for the year.

00:45It marked the 21st straight month of gains, but the market is cooling with price rises

00:51easing in Perth, Adelaide and Brisbane.

00:54Prices in Sydney fell for the first time since January 2023 and prices also went backwards

01:00in Melbourne, Canberra and Darwin.

01:03This combination of high interest rates, existing poor affordability and of course increasing

01:09numbers of people seeing mortgage stress, that's what's weighing on the property markets.

01:14With property prices remaining high, there's little relief on the way for first home buyers.

01:19Even though inflation is still falling, economists say it isn't enough to convince the Reserve

01:24Bank to cut interest rates at its meeting next week.

01:27We could see after a few rate cuts however, more buyers be confident about entering the

01:32market and housing values rising with more momentum.

01:36A slowdown that's likely to be short lived.

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