The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
25 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
25 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
2
print
Print
ResidentialEditorial DeskFri 30 Jun 23

Rate Rises Fail to Stifle Home Price Rebound

Home prices have continued to rebound, rising for the past six months despite a string of rate increases since May last year.

According to the PropTrack Home Price Index, home prices have risen nationally to be just 0.1 per cent lower than a year ago.

In the capital cities, prices were up 0.41 per cent in June to sit 0.06 per cent higher than a year ago, with all capitals apart from Darwin and Hobart recording a monthly uptick.

From December 2022, prices in capital cities are now up 3 per cent and are 0.06 per cent above last year’s levels. 

For the capital cities, price increases were led by Sydney (0.63 per cent), Adelaide (0.45 per cent) and Perth (0.34 per cent).

Melbourne (0.24 per cent), Brisbane (0.08 per cent) and Canberra (0.11 per cent) also recorded increases, while Hobart and Darwin were the only capitals to have decline, down 0.36 per cent and 0.08 per cent respectively.

Adelaide and Perth had the strongest annual growth, up 5.27 per cent and 5.69 per cent respectively on June 2022 levels. 

PropTrack Home Price Index June 2023

null
▲ Source: PropTrack

Regional areas had comparatively more subdued price growth throughout 2023, up 0.05 per cent in June to be 0.55 per cent lower year-on-year. 

However, prices regionally held up better in 2022 in that prices have not fallen as far as in capitals. 

“The 2023 house price recovery continued in June, despite the Reserve Bank lifting the cash rate for the 12th time since May last year,” PropTrack economist Angus Moore said.

“Interest rates will continue to be a headwind for prices but, unlike in 2022, the peak of interest rates is likely close.

“Higher interest rates are being offset by a limited flow of new properties hitting the market, as well as strong fundamentals for housing demand.

“While the total number of properties listed on realestate.com.au has picked up compared to a year ago, the flow of new properties hitting the market remains subdued, which is creating a more competitive environment for properties coming to market.

“With auction clearance rates strong, and fewer properties hitting the market during winter, price growth is likely to continue in the near term, despite the potential for further interest rate increases.”

Residentialdo not useAustraliaReal EstatePolicyPolicy
AUTHOR
Editorial Desk
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
View All >
The construction site which will one day become Newcastle Tallest Tower by Urban Property Group
Residential

Urban Property Group Reveals Newcastle Tallest Tower Plan

Renee McKeown
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
ESR building ESR completes delisting
Industrial

ESR Reveals New Team After Hong Kong Delisting

Leon Della Bosca
Going private means plans to focus on logistics and data centres across the Asia-Pacific region can accelerate, ESR says…
LATEST
The construction site which will one day become Newcastle Tallest Tower by Urban Property Group
Residential

Urban Property Group Reveals Newcastle Tallest Tower Plan

Renee McKeown
3 Min
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
2 Min
ESR building ESR completes delisting
Industrial

ESR Reveals New Team After Hong Kong Delisting

Leon Della Bosca
3 Min
Bunnings Clyde North
Markets

Bunnings Sold On as Charter Hall Doubles Down on Retail

Leon Della Bosca
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/proptrack-home-price-index-june-2023