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Australian property prices have scaled new record highs in July according to the latest data from Cotality. Nationally, prices rose 0.6 per cent in the month and 3.7 per cent for the year. The median home value is now more than $844,000. Darwin led the monthly gains, followed by Perth, Adelaide, Brisbane, Sydney, the regions, Canberra, Melbourne, and Hobart. The gains have been driven by buyer demand for housing, which offset worries about the Reserve Bank’s shock decision to leave interest rates on hold last month. The RBA cited the need for more evidence the inflation genie is back in the bottle. The latest CPI figures show inflation falling to its lowest rate in more than three years, clearing the way for an August rate cut. At the end of the week, Donald Trump unleashed a new round of higher tariffs on some nations including New Zealand, Canada and India but Australia managed to hang on to a baseline rate of 10 per cent. The Australian share market ended flat. In the program, you’ll hear from Resmed chief executive Mick Farrell about how his company is performing with operations inside the United States. Plus, we take a look at the electric vehicle market and how BYD is battling Tesla for dominance. Close of Business is presented by Alicia Barry.
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