Home prices in Australia’s housing market rise 2.2 per cent in May

Posted May 04, 2019 06:05:49The median price for a detached home in Australia rose 2.5 per cent to $1.26 million in May, the National Housing and Housing Affordability Survey (NHHS) revealed today.

The median home price rose 0.9 per cent year-on-year to $7,096,769.

In Melbourne, median prices rose 1.6 per cent, while Sydney, Brisbane and Adelaide saw price rises of 1.4 per cent.

The survey shows that house prices have been rising across Australia in the last 12 months, while the number of new homes sold increased by 1.9 million.NHS chief economist Andrew McPherson said the survey showed the housing market had experienced a major growth spurt in recent years.

“House prices have risen in Australia over the last few years and the recent increase in supply and demand for housing is providing the housing industry with a bumper harvest in the market,” Mr McPhersons chief economist, Andrew McLeod, said.

“The current housing market is the biggest in the world, and continues to have a large degree of supply and affordability to support demand.”

“The number of homes sold is at an all-time high and the average sale price is higher than in any other country in the developed world.”

“This increase in the supply of housing is helping to underpin the continued strength in the Australian economy.”NHS figures show a record number of people were renting and the number who were purchasing properties was higher than the population as a whole.

“Nationally, rental activity increased by 12.3 per cent between May 2017 and May 2018, compared to a decline of 0.4% for the population,” the report said.

Topics:housing-industry,housing,business-economics-and-finance,prices,government-and,national-housing,housing-supply-and/or-demand,nsw,australiaFirst posted May 03, 2019 07:50:18More stories from New South Wales