Housing Market Heats Up: Prices Rise Despite Interest Rate Hike

Australia's housing market defied expectations, with prices creeping up again in February. CoreLogic's national home value index showed a 0.6% increase, marking the strongest monthly gain since October 2023. This comes despite recent interest rate hikes and rising cost of living pressures. Experts attribute the ongoing rise to a persistent imbalance between supply and demand, which varies across different regions. Perth continues to be the hottest market, experiencing a significant 1.8% growth in just one month. While Hobart is the only capital city to see a slight dip, the overall trend suggests a resilient housing market in Australia.