BKHE Real Estate agents and realtours have reported higher sales volumes than forecast in the week to March 6.
Brent Jones, chief executive of the Real Estate Board of Australia, said the average monthly rental price in February was $1,621.
He said the price of the average home sold in Australia in February is now about $2,800 a square metre, or about 10 per cent higher than a year ago.
The BKHC said the rise in average monthly rents, which have been on an upward trend, is consistent with rising interest rates.
The average rental price has jumped from $1.9 million to $2.2 million in February.
BKHB chief executive David Wilson said he expects average monthly sales volumes to continue to rise, with rental growth offsetting a decline in home prices.
“The fundamentals of the rental market have been strengthening in recent months, driven by rising demand for accommodation, a stronger Australian dollar and the continued strength of the Australian dollar,” Mr Wilson said.
The Real Estate Council of Australia’s annual survey showed that the median income for Australian households increased by 2.9 per cent to $51,829.
“This is in stark contrast to a year earlier, when median income growth fell by 2 per cent, with median earnings growing by only 1.2 per cent,” Mr Williamson said.
Mr Williamson told the ABC that the real estate market is stabilising and that Australia’s median income will rise by just 1.1 per cent in 2019.
Mr Wilson added that he expects that the housing affordability outlook for Australia will improve in 2019 and 2020.
BkH realtor says housing affordability remains under pressure from inflation.
“We are seeing the same type of trends that we saw last year and it’s driven by the global economy, so the Australian economy is very reliant on the global sector,” he said.
Our real estate agents and our realtourists are expecting the Australian housing market to rebound to a level that would allow people to live in a home that they are happy with.”