So if you are one of those homeowners in the City of Hume who are pondering the future and weighing up the impact of your tax cut on your borrowing capacity in the process), I thought this might be a good opportunity to do a quick review of the past financial year in the Australian property market.

The latest Home Price Index figures to the end of June were released this week by Corelogic. These figures show that Australia’s dwelling prices increased by 8 per cent over the past financial year.

One of the most interesting features of these statistics is that these increases in housing values have become remarkably consistent. For example, we saw a rise of 1.8 per cent in the June quarter, following a 1.9 per cent rise in the March quarter and another rise of 1.8 per cent in the December quarter before that.

From our perspective, these steady rises show just how resilient the Australian property market has proven to be, particularly given that they have occurred during a year where we saw more rises in official interest rates, an inflation rate that still refuses to reach the Reserve Bank’s target, and widespread cost-of-living concerns that have impacted on consumer confidence.

The Corelogic data also clearly confirms the impact that an ongoing shortage of new listings is having on price growth. In fact, the numbers are quite stark in showing that those parts of the country where stock is tightest is also the regions where price growth is at its strongest.

With this in mind, the outlook seems very positive indeed for anyone considering selling before the traditional Spring rush starts. So if you are thinking of making your next move in 2024, it would be wise to get an accurate update on how much more your own property could achieve in the current market. Don’t hesitate to give our team at Barry Plant Gladstone Park a call during the week if you’d like an update on 9330 1088.

In the meantime, stay warm!

Cheers,

Bill Karp - Director

Barry Plant Real Estate

Gladstone Park