RBA Rate Cut Sparks Rebound in Aussie Housing Market
RBA Rate Cut Sparks Rebound in Aussie Housing Market
Recent data from CoreLogic shows a notable upswing in dwelling values, particularly in Sydney and Melbourne. At a broader level, the aggregate 5-city dwelling values index rose by 0.3% over the past 28 days, a significant improvement from the 0.5% decline observed at the close of 2024.
The buoyancy in property prices is mirrored in the auction markets, where clearance rates are showing robust improvement. Vendors are eager to capitalize on the growing demand and increasing prices, resulting in a rise in property listings, as reported by SQM. Nationwide property listings climbed by 2.3% in February 2025, reaching a total of 249,325 properties, reflecting a 4.1% increase compared to February 2024.
In a breakdown of city-specific data, Sydney led with an 11.6% rise in listings, reaching 33,241 properties, a 10.5% increase from the previous year. Melbourne followed with a 5.5% rise, totaling 39,956 listings and marking a 4.8% rise annually. While Brisbane, Adelaide, and Hobart recorded monthly gains of 1.1%, 4.8%, and 1.1%, respectively, it is noteworthy that Adelaide experienced a 5% annual decline.
The outlook suggests that most economists predict the RBA may further reduce interest rates three more times within the year, potentially bringing the official cash rate down to 3.35%. This economic climate of lower financing costs, increased borrowing capabilities, and pent-up demand could trigger another cycle of growth in the housing market.
Published:Wednesday, 5th Mar 2025
Source: Paige Estritori
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