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Housing affordability worsens in Australia as property prices rises in January

Housing affordability worsens in Australia as property prices rises in January

Posted on February 5, 2024   |  

Australia's housing market experienced a 12-month streak of rising property values, with a 0.4% increase in January.

Rental prices grew by 0.8% in January due to increased migration and higher demand for rentals across the country.

House prices in capital cities rose, contributing around $4,800 to the median house value in January.

Since the upward trend started, capital city house values have gone up by 11.0%, and unit values have increased by 6.9%.

Regional markets outpace capital cities in value growth, with record-high dwelling values in regional Western Australia, South Australia, and Queensland.

Despite affordability challenges, Australians continue to purchase houses, with 115,241 dwellings sold in the last 3 months—an 11.9% increase compared to the same period last year.

Housing demand is fueled by high migration and tight rental markets, motivating renters to shift to homeownership when feasible.

Annualized CPI decreases to 4.1% in the December 2023 quarter, potentially prompting the Reserve Bank to consider interest rate cuts in the coming months.



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