PRICE MOVEMENTS
It was great news for mortgage holders that the Reserve Bank of Australia held interest rates this month . While it ’ s possible rates may increase a bit more , house price growth is now firmly entrenched with Australian house and unit prices now exceeding their 2022 peaks .
In March , Perth saw the strongest house price growth with an increase of one per cent over the month . Year on year growth is also the strongest in the country , highlighting the strong economic growth in Western Australia . Brisbane ’ s apartment shortage is showing up in price growth . Apartment prices in this city are increasing at the fastest rate of any capital city . After years of low levels of development , it ’ s likely that this will strengthen demand for new apartments .
While prices are increasing everywhere , Melbourne and Hobart are currently seeing the lowest growth . However , both Victoria and Tasmania are recovering well from the pandemic and the return of international students and a slowing of migration to other states will continue to flow through to housing demand .
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