2023 Australian Housing Market: Investment Insights and Trends on October 13

The median purchase rate reached a new series record, rising by 1/8 percentage points to 7 1/2% in week 40, 2023.

Tecolem .com source by google image

On October 10th, Mortgage News Daily reported a daily average 30-year mortgage rate of 7.62%, indicating the presence of historically high mortgage rates.

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Purchase volume was down by a significant 44% compared to the same week in 2019. Moreover, it was down 31% year-to-date compared to 2019.

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Year-on-year HPA in August 2023 stood at 4.5%, showing an increase from 3.8% in July 2023. However, it was notably down from 10.2% in August 2022.

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Projections suggest that year-on-year HPA is expected to remain around 5% for September, October, and the first three weeks of November 2023.

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Despite a decrease in purchase activity and high mortgage rates, year-on-year HPA has started to accelerate

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