Benefiting from interest rate cuts and relaxation of mortgage conditions, Australian property prices rose the most in 16 years in a single month
According to data from real estate consultancy CoreLogic, national property prices in Australia rose by 1.7% in November, the largest monthly increase since 2003. On an annual basis, national property prices in Australia rose by 0.1% year-on-year, the first time since April last year to resume year-on-year growth. Sydney and Melbourne are the main drivers of rising property prices.
Data show that the price of detached houses in Sydney rose by 3.1% in November, with a single appreciation of AUD 37,900 (approximately HK $ 202,000) and the median property price rose to AUD 956,249 (approx. The biggest monthly increase since 1988
Prices of detached houses in Sydney are up 4% year-on-year. Property prices rose in Melbourne, the second most expensive city in Australia. House prices rose 2.4% in November, with a median price of A $ 774,023 (approximately HK $ 4.13 million), the largest single price since May 2015. Monthly rise. On an annual basis, the increase was 2.9%. In addition, the price of detached houses in Brisbane rose by 0.9% in November, Adelaide rose by 0.5%, Canberra rose by 1.8%, and even West Perth’s property prices rose by 0.4%.
Stimulated by interest rate cuts and relaxation of mortgage conditions
Australia has cut interest rates three times since June, with interest rates falling to a record low of 0.75%. November is the fifth consecutive month that Australia ’s national property prices have recorded monthly growth, with potential benefits to consumer spending. CoreLogic pointed out that the decline in residential inventory and the rebound in buyer demand has created an urgency for the market. The market expects that Australian interest rates may still fall in the next few months, and the public’s affordability of housing has improved, which can support upward housing prices.