AUSTRALIAN home prices rose in August, driven by increased buyer demand and low levels of advertised stock, property consultant Cotality has said.
Prices increased 0.7 per cent in August from July to a median value of A$848,858 ($551,587.93), accelerating from a 0.5pc gain the previous month, according to figures from Cotality, formerly CoreLogic.
The August result was the strongest monthly gain since May 2024.
The rise was broad-based, with prices in Brisbane jumping 1.2pc in August. Prices in Sydney, Australia’s most populous city, rose 0.8pc while in Melbourne they were 0.3pc higher.
Hobart, where prices fell 0.2pc, was the only state capital to log a decline in the month, according to the data.
Buyer demand was spurred “by a lift in borrowing capacity, real wages growth, rising confidence and what is likely to be a growing sense of urgency as advertised stock levels remain tight”, Cotality said.
“Once again we are seeing a clear mismatch between available supply and demonstrated demand placing upwards pressure on housing values,” the company’s research director, Tim Lawless, said in a statement.
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