Property prices surge amid housing shortage

Australia's property market is experiencing significant growth, with prices rising an average of 12% last year and up to 20% in Perth, Adelaide, and Brisbane. Housing shortages across multiple states are driving prices higher, with the disparity between supply and demand particularly acute in cities like Perth where property values have more than doubled in five years. The Reserve Bank is expected to raise interest rates at its Tuesday meeting, with an 80% likelihood priced in by markets, which would add approximately $220 per month to a million-dollar mortgage.

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