PRICE MOVEMENTS
Despite a lot more homes on the market compared to last year and interest rates a lot higher , house price growth is continuing across our capital cities . The capital city median is now getting closer to $ 1 million and is now significantly above the previous peak reached last year .
Price growth is expected to continue for the remainder of the year . Although we may see a Melbourne Cup rate rise , a lack of properties continues to be a challenge for buyers . We saw a jump in listings in late winter however this has failed to continue and spring has been far slower than expected for properties coming to market . In addition , potential new home buyers are being pushed into the established home market and strong rental increases are making renting far less attractive .