This week in The Fin podcast, property editor Nick Lenaghan on why prices are rising, whether it will last and what is wrong with the housing market.
CoreLogic released its closely watched monthly data last week and it showed that house price growth gathered steam in May, jumping by 1.2 per cent nationwide, the sharpest monthly increase since November 2021. That has forced economists to revise up their forecasts in recent weeks.
A surge in the number of people arriving from overseas, a strong rebound in purchases of more expensive homes and soaring rents, which are forcing those who can afford a deposit into the housing market, are all pushing up demand. And this comes amid a slump in new home building, which is causing a shortfall in supply.But hanging over the market and the recent recovery is the so-called mortgage cliff.
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