This week's lead
PropTrack data shows the median Australian home price dropped 0.3 per cent in July to $894,000, with houses down 0.4 per cent to $989,000 and units down 0.2 per cent. Capital cities are driving the broader decline, extending a downturn that began earlier in the year.
Property Update
Property Update
Capital city auctions opened August with mixed results, with most markets recording weak clearance rates while Melbourne was the exception with an improvement on the week. Listings fell across nearly every capital except Canberra, pointing to cautious seller activity going into spring.
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Inflation has eased for three consecutive months, yet the Reserve Bank is still considering whether another rate increase is needed to meet its target. Any further tightening would add pressure to households already adjusting to higher borrowing costs.
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Rental vacancy rates rose slightly across more than half of Queensland's regions, but the statewide rate remains stuck near one per cent. The modest easing suggests the rental crunch is not resolving quickly despite recent improvements in some areas.
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New figures show one in three homeowners aged over 55 are choosing to stay in larger homes rather than sell, as cooling prices make them hesitant to move. This reluctance is limiting the supply of family-sized homes reaching the market.
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