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National Home Value Index records 0.3% per cent rise in October
ABC NEWS (Australia)
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11/1/2024
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.
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00:00
Selling season is heating up in the nation's second most expensive city.
00:11
This real estate agent in Brisbane just sold a two bedroom unit $60,000 above the reserve.
00:17
She's now gearing up to auction another in the same complex.
00:21
This is our second open home and so far we've had 16 groups through and I've got lots of
00:26
interest to parties.
00:27
All properties are also being put up for sale.
00:30
We're seeing a bit of movement from sellers who have been investors or long time holders,
00:35
you know, taking advantage of really great prices at the moment.
00:38
Prices continued to pick up nationally, up 0.3% in October and 6% for the year.
00:45
It marked the 21st straight month of gains, but the market is cooling with price rises
00:51
easing in Perth, Adelaide and Brisbane.
00:54
Prices in Sydney fell for the first time since January 2023 and prices also went backwards
01:00
in Melbourne, Canberra and Darwin.
01:03
This combination of high interest rates, existing poor affordability and of course increasing
01:09
numbers of people seeing mortgage stress, that's what's weighing on the property markets.
01:14
With property prices remaining high, there's little relief on the way for first home buyers.
01:19
Even though inflation is still falling, economists say it isn't enough to convince the Reserve
01:24
Bank to cut interest rates at its meeting next week.
01:27
We could see after a few rate cuts however, more buyers be confident about entering the
01:32
market and housing values rising with more momentum.
01:36
A slowdown that's likely to be short lived.
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