June 2024: Aussie housing on the rise ahead of the tax season

The June edition of Odin Mortgage Monthly Roundup is here! Get insights on Australia's property market trends, including regional price changes, the interest rate debate, and tax tips for Australians abroad.

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The Australian housing market exhibits a multi-speed growth pattern. According to Corelogic’s data, despite rising interest rates and cost-of-living pressures, national housing prices continue to climb, with sales volumes exceeding averages. While Perth boasts a remarkable 22% rise in dwelling values, Hobart experiences a slight 0.1% decrease. This trend is expected to continue over the fiscal year 2025, capital cities will see record-high prices with Perth predicted to have the strongest growth rate, while regional areas face mixed demand.?

Despite initially forecasting a rate cut in November 2024, major bank economists now see increasing risks of delays. The Reserve Bank of Australia (RBA) has kept the cash rate steady at 4.35% for the fifth consecutive year, monitoring inflation closely, which is not expected to reach the target range of 2-3% until at least the second half of 2025.

Get Ahead of the 2023/24 Tax Season from Overseas

As the financial year 2023/24 comes to a close, it's time to prepare for filing your tax return back home. Our experienced tax team can help you navigate the process and ensure you meet all deadlines seamlessly.

Schedule a free consultation with our tax specialists to discuss your specific situation today.