Economic updates

Price growth continued again in April with Perth and regional Western Australia seeing the strongest price growth in the country.

Australia’s luxury home market is in a unique position. With a growing wealthy population and historically high price volatility, the timing of luxury home purchases has never been more important.

All suburbs across Australia are now seeing year on year price growth.

It has been a tough four years for renters. Since the start of the pandemic, rents have risen on average $200 per week across Australia.

Only 55 per cent of Millennials aged between 25-39 own their home whereas at the same age, 70 per cent of the Baby Boomers owned their own home in 1991 and 65 per cent of Gen X owned their own home in 2006.

Gallup’s World Happiness report for 2024 was recently released.

The latest population projections from the Australian Bureau of Statistics (ABS) have just been released

The number of single people purchasing homes is falling but becoming more evenly matched by gender.

Perth prices remain the strongest in the country with prices now having risen by just over 20 per cent over the past 12 months. The city is also leading the way for apartment price growth.

Standard investment advice is to always buy a house instead of an apartment if you can afford to do so.

While today was a hold, speculation continues to build as to when the Reserve Bank of Australia will cut rates.

It has been a strong start to 2024 for Australian housing markets with house prices up already 2.2 per cent.