Economic Updates

Ray White House Price Report July 2023: Apartment price growth continues as house prices pull back slightly.

After seeing the biggest jump in advertised rents ever recorded, we are finally starting to see the rate of increase start to slow. For now it is houses only. Last month, Australian advertised house rents saw the lowest annual increase since December 2021.

It has been a stressful time for the construction industry, and by extension for housing supply and affordability. Over the past two years, the cost of building a new home has increased on average by 28.2 per cent.

The allure of beachside living has long captivated homeowners and investors in Australia, as the coastal lifestyle and scenic beauty continue to be highly sought after.

Australian apartment prices are now back to their 2022 peak, having barely fallen last year. Over the past 12 months, unit growth has been the same as house price growth.

The RBA took a break this month and rates remained on hold. It is likely that slowing inflation was a key factor, in addition to the slowing economy.

Last year we looked at how often listings advertised that pets were welcome to all tenants.

The theme of 2023 has been of slower listing activity and June was no different.

Australian house and unit prices have again jumped up in June, according to the latest house price data report from Neoval.

Australian capital city house prices fell by 6.4 per cent last year, dramatically different from the 20 to 30 per cent that many forecast. In fact, in many places around the world, we are seeing prices moving up again.

If you could live anywhere, where would it be? For the world’s wealthy, Australia is a top pick.

Early on in the upturn there was a lot of talk about the return of price growth being a “dead cat bounce”.