Overview

• National home prices rose 0.6% in June to a record $837,586, marking five consecutive months of gains led by Perth (+0.8%), Brisbane (+0.7%) and Sydney (+0.6%).
• The Reserve Bank of Australia has cut rates twice since February and economists see another reduction as all but locked in for early July, boosting buyer confidence.
• Advertised housing supply remains 5.8% below last year’s level, intensifying competition and contributing to upward price pressure.
• Home price growth has nearly doubled the pace of wages growth over the June quarter, aggravating affordability challenges for prospective buyers.
• Australia is currently about 262,000 homes behind the federal target of 1.2 million new homes by 2029, highlighting persistent supply shortfalls.