The West Australian
Australia’s property prices are at a record high, with Reserve Bank boss Michele Bullock conceding “there’s nothing that I can do”.
Home prices climbed higher in September across all capital city and regional markets, with Melbourne now surpassing its previous 2022 peak.
The PropTrack Home Price Index shows Australia’s median home price rose 0.5 per cent in September and has been climbing every month since rates were cut in February.
Interest rates have been reduced by 25 basis points in February, May and August, taking the official cash rate down from 4.35 to 3.60 per cent.
Property prices are now 6.2 per cent higher than a year ago.