Property Prices Hit Records Across 44.8% Australian Suburbs June 2024

In Australia, property prices have reached record highs in nearly 45% of suburbs, with more affordable areas seeing significant growth due to high interest rates pushing buyers to seek homes further from city centers, notably 37.4% of Sydney suburbs and 12.9% of Melbourne suburbs are at peak prices. In the UK, sales of expensive country houses over £750,000 rose 7% in June, driven by lower prices and increased listings, as second-home owners respond to new council tax rules; however, overall prices declined 3.5% in the quarter to June, signaling a market correction amid a supply glut. Meanwhile, in Wallington, average house prices have slightly decreased since 2020, with fewer transactions and properties spending about 77 days on the market, indicating a cooling local market. In Greater Manchester, specifically Wigan, property flipping remains robust, with 4.2% of homes flipped within a year, significantly above the UK average, fueled by affordable house prices and the potential for substantial profits. These trends highlight a dynamic property market landscape where affordability, taxation, and economic factors influence buyer behavior and market activity across Australia and various UK regions.