Figures released this morning by RP Data (rpdata.com)-Rismark National Home Value Index, which is published by the RBA in the Statement on Monetary Policy, Australian home values rose by an indicative 1.1 per cent in the month of November after 1.3 per cent growth in October (October’s initial indicative estimate was 1.4 per cent).
Brisbane posting 6.9% solid growth for the year to November (figures yet to come in for December), despite widespread predictions of a flat year. The removal of the first home owner's grant (FHOG) boost has had a negligible impact, with investors and upgraders entering the market. The market is not expected to slow, despite interest rates normalising to around 7-8% and other Government stimulus winding back. RPdata.com's Tim Lawless said, "The primary driver of growth will continue to be an under supply of housing coupled with extraordinary housing demand fuelled by population growth".
Brisbane's median house price is $449,850, while units are $375,000.
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