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CoreLogic’s research director, Tim Lawless, said that a lack of homes on the market was a key factor in the latest figures.<\/p>\n
\u201cThrough June, the flow of new capital city listings was nearly -10 er cent below the previous five-year average and total inventory levels are more than a quarter below average,\u201d he said.<\/p>\n
\u201cAlthough housing values continue to go up in June, the pace of growth across most capitals eased.<\/p>\n
\u201cA slowdown in the pace of capital gains could be a reflection of a change in sentiment as interest rate expectations revise higher.<\/p>\n
\u201cHigher interest rates and lower sentiment will likely weigh on the number of active home buyers, helping to rebalance the disconnect between demand and supply.\u201d<\/p>\n
Meanwhile in regional Australia prices also continued to rise for the fourth month in a row, jumping by 0.5 per cent to see the median house price in regional Australia now sitting at $586,645.<\/p>\n
But the amount of growth, as in the capital cities, was down.<\/p>\n
Mr Lawless said that the return to the cities, post-pandemic, could be a factor in these numbers.<\/p>\n
\u201cAfter regional population growth boomed through the worst of the pandemic, internal migration trends have normalised over the past year, resulting in less housing demand across regional markets,\u201d he said.<\/p>\n