High end house prices push up averages

They helped push national average house values to a record $1,029,820.

This happened despite an overall easing of the real estate market.

“While the November numbers look extremely bullish there are growing signs that this property growth cycle is starting to transition,” said QV general manager David Nagel.

“Real estate agents are reporting a significant upswing in listings, while open home attendance rates are falling. Some properties are being passed in at auctions, which was unheard of a few months ago.”
Nagel blamed this on rising interest rates, tougher rules on LVRs last month and a further tightening of credit rules with the CCCFA from December.