Rental price growth slows to 3-year low

2 months ago 2

Housing prices cool

Home values rose +0.5 per cent in August, but with prices easing in Melbourne, Hobart, Darwin, and Canberra.

Perth, Adelaide, and Brisbane continued to record strong price growth over the quarter, with Sydney also up +0.8 per cent.

Source: CoreLogic

Units have been recording solid quarterly growth across a number of capital cities.

Source: CoreLogic

Rents were flat for a second month, according to CoreLogic, and annual rental price growth slowed to +7.2 per cent, the lowest since May 2021.

The Commonwealth Rent assistance will be expanded in September, which - with lower medicine prices and energy bill relief - will work to keep hacking cost of living pressures and the headline rate of inflation lower.

The full report from CoreLogic is here.

There's a stack of data out this week, with the median market forecast for the June 2024 quarter GDP growth coming in at just +0.2 per cent, following anemic growth of only +0.1 per cent in the March quarter.

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