Sydney house prices rose 1.1 per cent in August, defying expectations of a double-dip downturn in values, data from CoreLogic shows.
Why it matters: Sydney house prices is on track to hit 10 pc this year despite rising stock.House prices in Melbourne, Brisbane and Canberra also accelerated over the month.
The rate of Sydney house price growth had eased to 0.9 per cent in July. That was the smallest gain since prices began rising in February and sparked concerns the market was in danger of tipping back into a downturn. “Rising home values might also motivate home owners to hold on until interest rates start to come down as they start seeing the benefits of rising prices and their home-ownership.”
St George senior economist Pat Bustamante said the cash rate remaining on hold for the second consecutive month had played a role in lifting demand broadly.“Given the cash rate is at, or close to, the peak, nominal income levels picking up, reports of intergenerational wealth transfers allowing younger Australians to get into the market and the still-strong jobs market, at this point we expect demand to absorb supply, but it could get bumpy month to month.
AMP chief economist Shane Oliver said that despite the recent strength in prices, the housing market was not out of the woods yet.
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