Housing affordability peaked in June, prices could reach record highs again in 2020: ANZ CoreLogic

 

PHOTO: Housing Affordability CoreLogic ANZ

Property prices could reach record highs in the first half of 2020 if they continue at current rates, according to research by CoreLogic and ANZ.

Melbourne and Sydney house values have risen six per cent and 5.3 per cent since May.

CoreLogic’s head of research Tim Lawless says there’s more urgency coming back in to the market.

“If this trend continues, we could see property prices reach new highs early next year,” Lawless said.

CoreLogic and ANZ’s research, which suggests housing affordability peaked in June after the national 8.4 per cent decline from 2017 ended, shows dwelling values and household incomes at the closest levels since late 2013.

As of June national dwelling values were 6.5 times higher than gross annual household incomes.

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