Highlights

• The RBA has increased the official interest rate by 0.5% which is the 4th month in a row. Over the past 4 months it has increased by 1.75% to 1.85%.
• In July, we saw dwelling values fall by 1.3% in July. National dwelling prices surged 28.6% through the pandemic growth phase, and values now -2% below Aprils peak.
• Sydney, Melbourne and Brisbane were down 2.2%, 1.5% and 0.8% respectively. Canberra and Hobart were also down, whilst Perth, Adelaide and Darwin experienced positive growth in July.
• What we are seeing on the street is not as bad as the media is portraying, with some properties still in high demand and selling for a premium or well above expectations, whilst others are experiencing challenges, however vendors with realistic price expectations from the beginning are still selling homes.
• Rents increased by a further 0.9% nationally over the month to be 2.8% higher over the rolling quarter and almost 10% higher over the year. As a result, yields are increasing from their record low.