Australia house prices remain on the rise in April, CoreLogic says

The home prices in Australia increased with a rapid pace in April, fueled by price gains in more affordable areas of the market and a persistent shortage of housing stock outweighed concerns over interest rates and the rising cost of living.

CoreLogic published figures on May 1, revealing that prices in the United States rose by 0.6 percent in April. It was the same as the gains that were seen in February and March. In 2023, they will have already risen by 8.1 percent, bringing them to the previous peak.

In April, price increases were fueled by a two per cent jump in Perth and a 1.3 per cent increase in Adelaide as both are more affordable markets. Sydney prices rose by 0.4 percent and Melbourne’s prices fell by 0.1 percent.

CoreLogic noted almost every capital city is recording stronger growth across the lower value range of the market.

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“The persistent rise in housing values, despite a myriad of negative factors that normally cause prices to fall down, can be traced back to the insufficient housing supply relative to demand,” it stated.

CoreLogic stated that, despite the fact that the sticky inflation rate in the country has led to concerns about interest rates staying excessive, the disparity between demand and supply is likely to keep the value of homes rising. This doesn’t appear likely change anytime soon.