Australian Real Estate Market Booms with 8.3% Price Growth
Discover how property prices in Australia have skyrocketed by 8.3% annually due to a shortage in supply, according to data from CoreLogic.
Property prices in Australia have continued to surge, with a yearly increase of 8.3% reported by property consultant CoreLogic. This marks the sixth consecutive month of growth, driven by a lack of supply in the Australian housing market. The situation mirrors that of the UK, but the housing stock in Australia appears to be even more constrained. According to data, Australia currently ranks 22nd out of 33 OECD countries in terms of housing availability.
In May alone, Australian property prices rose by 0.8%, translating to a A$12,000 (approximately £6,250) increase. The state capitals of Perth and Adelaide experienced notable price hikes during this period, while Sydney prices reached their peak from January 2022. The median home value in Sydney now stands at just under A$1.16 million (£600,000).
The Australian real estate market continues to show strong growth, fueled by limited supply and high demand. The ongoing price increases highlight the challenges faced by both buyers and renters in the current market.
Australian Real Estate Market Booms with 8.3% Price Growth
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