“The number of loans issued for the purchase and construction of a new home has fallen to their lowest level since 2008, and the number of detached building approvals has fallen to its second lowest month since 2013. This is despite the urgent need to increase the supply of new homes,” stated HIA’s Chief Economist, Tim Reardon.

CoreLogic’s national Home Value Index (HVI) rose 0.7% in July marking a fifth consecutive month of housing value recovery. Since finding a floor in February, the national HVI is up 4.1%, following a -9.1% decline from record highs in April 2022.

The South Australian property market has once again demonstrated its resilience and optimism by posting a new record median price once again and substantially increasing the volume of sales from the previous quarter.

According to John McGrath, Chief Executive Officer of McGrath Estate Agents, try not to be too disappointed if you miss out on a property this Winter, and trust that another great home will come up for sale soon.