National home values set a record high for a fifth consecutive month in March as a resilient economy and the swelling population pointed to further increases to come.
Among the state capitals, home values rose in all cities in the March quarter except for Melbourne, Core Logic said. Sydney remained the most expensive city while Perth, Adelaide and Brisbane are all at record levels after steep rises in the past year.have sent mortgage payments soaring, particularly for households who took out loans when the cash rate hit a record low of 0.1% during the pandemic.
One sign of strains on affordability, though, was a shift in demand towards the cheaper end of the market. Prices for the lowest quartile of home rose 3.1% in the January-March period, compared with a 0.7% increase for the most expensive 25% of the market.Our Australian afternoon update breaks down the key stories of the day, telling you what’s happening and why it mattersPricier homes tend to rise in value first, coming out of dip.
“We have seen first homebuyers over-represented in the market,” he said. “They’re about 28% of owner-occupier demand compared to a long-run average of about 24%.” Gross rental yields are on the rise too, a prospect that may lure more investors back into property. Melbourne, for instance, saw its average rental yield – the annualised rent on a on a property divided by its value – reach 3.57% in March, or the city’s highest since March 2015, according to CoreLogic.
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