More Real Estate - Australian homeowners gain $59K wealth boost from rising housing values in FY24

Australian homeowners gain $59K wealth boost from rising housing values in FY24

Australian dwelling values increased a further 0.7% in June, taking growth to 8.0% across FY2023-24.

This is the equivalent of a $59,000 increase to the median dwelling value in Australia, which is now $794,000.

The annual rise was in stark contrast to the FY2022-23 when CoreLogic’s national index was down -2.0%. In that year, annual growth was weighed down by a -7.5% drop in values in the nine months following May 2022, when the cash rate target started to rise.

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Reference - RP Data