Property market continues upswing amid affordability concerns

Property values increased by 0.4 per cent across Australia in January, meaning a continuation of higher housing and renting costs. This monthly increase in home values is the 12th in a row. Rents were up 0.8 per cent – the highest monthly rise in the national rental index since last April. Economists believe further price hikes are unlikely to continue. REA Group Senior Economist Paul Ryan predicts the market may “run out of steam” due to affordability concerns.