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Politics

Poppy Johnston

Home prices climb and rate cuts could fuel more growth

Perth Adelaide Brisbane CoreLogic

Homes are selling slightly above average rates, despite affordability constraints, CoreLogic says. (Darren England/AAP PHOTOS)

The property market has extended its growth into 2024 and better odds for rate cuts later in the year could lead to a renewed upswing.

Australia is also facing an ongoing undersupply of new homes, with dwelling approvals falling 9.5 per cent in December and down more than 15 per cent across 2023 compared to the year before.

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