As we are all adjusting to the transition to the new financial scenario, (and checking out the change in our pay packets following the new tax cuts), I thought this might be an ideal time to look back at the past twelve months and what that period has meant to the Australian property market.

Imagine if you can, that you could transport yourself back one year exactly. Then imagine that someone told you back then that the financial year 2023-24 would bring even more rises in official interest rates, an inflation rate that stubbornly refuses to hit the Reserve Bank’s target, and widespread cost-of-living concerns impacting on consumer confidence. Chances are you’d be assuming that the property market was in for a tough time, right?

Yet here we are, and the latest Home Price Index figures from Corelogic to the end of June are showing just how resilient the Australian property market has proven to be, despite these challenges.

In fact, the latest data from Corelogic shows that our dwelling prices increased by 8 per cent over the past financial year, reflecting a rise of $59,000 of the median home price over that period.

One statistic that I found particularly interesting was that these increases in property values have become remarkably consistent. In the June quarter we saw a rise of 1.8 per cent, which followed the 1.9 per cent rise in the March quarter and a rise of another 1.8 per cent in the December quarter.

As I have said several times in past posts, these rises have been built on an ongoing shortage of new listings hitting the market, and we are not seeing any signs of this situation changing in the near future, so the outlook for anyone considering selling before the traditional Spring rush seems very encouraging indeed.

Of course, if you are thinking of making your next move in 2024, one of the first steps is to get an accurate update on how much more your own property could achieve in the current market. So if you’re keen to move forward with the right numbers, don’t hesitate to give our team at Barry Plant Thomastown a call during the week on 9466 3233.

And in the meantime, stay warm!

Best wishes,

Con Constantinou

Barry Plant Thomastown