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House prices lift in March according to new data

Homebuyers are being warned t.he cost of a house is set to stop falling despite interest rates sitting at their highest level in a decade

The cost of purchasing a home looks to be back on the rise, at least for the time being, in an unwelcome change for those looking to buy a property. The average cost of buying a home in Australia increased by 0.13 per cent in March with the median value currently $732,000. House prices have been falling since the Reserve Bank began its campaign to bring inflation into line in May 2022, causing interest rates to rise for 10 consecutive months.

In response, Sydney’s house prices fell by 6.03 per cent in the past year to sit at an average $994,000, Melbourne’s saw a 5.79 per cent drop with the median home value now $789,000, according to the latest PropTrack Home Price Index. However, March has seen a slight bounce in prices, with Sydney house prices rising by 0.27 per cent, Melbourne by 0.12 per cent, Perth by 0.24 per cent and Adelaide by 0.10 per cent.

Brisbane, Hobart and Darwin bucked the trend with prices falling by 0.06 per cent, 0.43 per cent and 0.10 per cent respectively. As rate rises drive prices down by reducing the amount of money borrowers are able to get, demand is being driven upward by increasing immigration, higher rent prices and an uptick in wages growth.

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