How long can house price records last? | The Business

Property prices continue to hit new records, with the national average home now worth $973,300 in the three months to the end of June, according to the Australia Bureau of Statistics.

Prices in NSW ($$1,222,000) remains the highest in the country, followed by the ACT ($953,900) and Victoria ($900,300).

But SQM Research managing director Louis Christopher says cracks in the housing market are starting to show because of affordability constraints from higher interest rates.

He says if the Reserve Bank cuts rates the property downturn in some of the states would be a limited.

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