Kotalis says that the prices of home in Australia climbing in August, where the demand excels on the offer

Real estate advisor said on Monday that Sydney (Reuters) -the prices of Australian houses in August, were driven by increasing demand for Jupiter and low levels of declared shares.

Prices increased by 0.7 % in August from July to an average value of 848,858 dollars (551,587.93 dollars), accelerating the gain of 0.5 % in the previous month, according to Cotality figures, previously known as Corelogic.

The result of August was the most powerful monthly gain since May 2024.

The rise was wide, as prices in Brisbane jumped by 1.2 % in August. Prices in Sydney, the most populated cities in Australia, increased by 0.8 % while in Melbourne 0.3 % higher.

Hobart, as prices fell 0.2 %, was the only country of the country to decrease a month, according to data.

Kotalis said that the buyer’s request is driven “by raising the borrowing capacity, real wage growth, high confidence and what is likely to be an increasing feeling of urgency while the declared stock levels remain.”

“Once again, we are witnessing a clear inconsistency between the available supply and demand in which the rising pressure on housing values ​​showed,” Tim Luis, the company’s research manager, said in a statement.

Kotalit said that the result of August was part of the prices of national homes “gradually building momentum” since the country’s central bank began to reduce interest rates in February.

In August, the Australian Reserve Bank reduced interest rates for the third time this year and opened the door for more policy that reduces inflation.

($ 1 = 1.5389 Australian dollars)

(Participated in the reports of Sam Macath; editing by Jimmy Farid)