Australian homeowners experienced a significant wealth boost in FY2024, with dwelling values increasing by 0.7% in June, culminating in an 8% rise over the fiscal year, according to CoreLogic.
The growth equates to a $59,000 increase in the median dwelling value, now standing at $794,000.
The annual rise sharply contrasts with FY2022-23, where CoreLogic’s national index dropped by -2%. In that period, values plummeted by -7.5% in the nine months following May 2022, driven by a rising cash rate target.
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