House values have climbed for eight consecutive months and almost returned to their COVID-era peak, creating another headache for new Reserve Bank boss Michele Bullock.
A price rebound across the nation’s property market that has added $336 billion to the value of Australian homes and land in just three months is delivering an inflation headache to Reserve Bank governor Michele Bullock ahead of her first meeting heading the institution.
Values rose most in Adelaide , Brisbane and Perth . Supply levels in each city are about 40 per cent below their five-year rolling average. CoreLogic also found that national rents lifted another 0.7 per cent in September to be up by 8.4 per cent over the past year. Rents for houses in Melbourne have climbed by 11.3 per cent over the past year, while rents for units in Sydney have increased by 14.3 per cent.
“The slowdown in rental growth may seem counterintuitive at a time when vacancy rates are tightening. However, this is probably a signal that rental affordability constraints are forcing a structural change in household formation as group rental households reform and renters seek to maximise their tenancies in an effort to spread rental costs across a larger household,” he said.
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