“Best city to get a cheaper home”

“With home prices continuing to rise despite high interest rates, where is the best place to buy a home?

The key question people have been asking in this financial past year is how can property prices still be rising when interest rates have gone up so much and so quickly?

The short answer is low supply of homes for sale and many demand drivers combining all at once. This dynamic occurred across most markets over the year, except Victoria and Tasmania.

The strongest capital city markets of FY24 were the smaller, more affordable ones.

According to CoreLogic data, home values rose 23.6 per cent in Perth, 15.8 per cent in Brisbane and 15.4 per cent in Adelaide.

In the middle was Sydney with a respectable 6.3 per cent rise in values. We saw minor gains of 2.4 per cent in Darwin, 2.2 per cent in Canberra and 1.3 per cent in Melbourne, and a minor 0.1 per cent decline in Hobart”…

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