Weekly Market Update (8 Sept 2023)

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Weekly Market Update (8 Sept 2023)
  1. Cash Rate Target (Source: RBA)

    The Reserve Bank has kept interest rates on hold at 4.1 per cent for the third month straight, but has flagged further increases may be needed to ensure inflation remains under control.

 

  1. The Value of Australia’s Housing Market (Source: CoreLogic)

    The value of Australian housing has reached $10 trillion for the first time since June 2022. This increase is due to higher home values and an increase in the number of properties. Despite a cost of living crisis and low consumer sentiment, housing values have continued to rise. Factors contributing to this include net overseas migration, the use of savings and equity for purchases, and constrained supply. However, the housing market outlook remains uncertain, with borrowing constraints and potential economic downturns posing risks.

 

  1. Home Price Forecast (Source: CBA)

    Another bank upgrades its housing forecasts for 2023 – Commonwealth Bank is now predicting a 7% gain in home prices by 2023 due to increased immigration and ongoing supply shortage.

 

  1. CoreLogic Auction Results (Week ending 3 Sept 2023)
    (Total Auction / Clearance Rate)

    – Sydney: 913 / 68.2%

    – Melbourne: 1,009 / 63.8%

    – Brisbane: 156 / 60.3%

    – Perth: 8 / 50%

    – Canberra: 95 / 54.7%

    – Adelaide: 103 / 75.7%

    – Tasmania: 2 / 50%

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If you’re interested in staying updated on the Australian housing market, feel free to reach out to us. You can also follow our Facebook page and Instagram for regular updates on new listings, market trends, statistics, and insightful information.

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