PropertyBuzz, your daily dose of property news.
Inflation levels reach a two-year low, REB reveals the top 50 sales offices for 2024, and Australia’s median home price surges for the 12th month in a row.
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Thursday, the 1st of February, and the Reserve Bank of Australia has revealed that the Consumer Price Index rose by 0.6 per cent in the December quarter – the fourth consecutive quarter of lowering inflation.
– The RBA’s 13 rate hikes since May 2022 have been widely reported as an attempt to curb inflation, making the latest inflation figures welcome news for those hoping for a rate cut this year.
– Experts predict that the 0.6 per cent Consumer Price Index rise would lead to one or more rate cuts in 2024, with some making a case for a rate cut as early as March.
– While inflation remains above the RBA’s target range, it is falling faster than anticipated, leading some to predict a fall in interest rates and a potential boost for the Australian property market
Looking further afield, REB has revealed the top 50 sales offices of 2024.
– It has been a challenging year for Australian property but these 50 sales offices have still made their mark.
– Nevertheless, the economic challenges that country has faced have made their impact felt in the final numbers. Average settlement numbers have decreased since last year, and the average sale price has also fallen slightly, despite a national home value rise of 8.1 per cent over 2023.
– Tough market conditions can also be seen in longer days on market, with the average top 50 sales office seeing properties sit on the market for four days longer than last year.
And speaking of tough market conditions, CoreLogic’s national Home Value Index for January 2024 has revealed that affordability continues to be a challenge for Australians, although sales numbers remain high.
– Over 115,000 dwellings were sold in the three months leading up to January, a nearly 12 per cent increase from this time last year.
– Overall, home prices rose 0.4 per cent over January, marking the 12th consecutive month of home value rises.
– However, price performance varied across states and territories, with strong growth seen in Perth and regional Australia, and declines seen in Melbourne, Hobart and Canberra.
That’s it for today.
See you again tomorrow, the 2nd of February, for your daily dose of Property Buzz.