Temperatures may be down but house prices are continuing their upward march. Domain data shows Sydney's median house price has hit a new record of $1.7 million with strong gains in most other capitals. Cotality says two interest rate cuts from the RBA so far this year and a lack of properties on the market is pushing prices near records in winter. Head of Australian research for Cotality, Eliza Owen, says the likelihood of another rate cut by the Reserve Bank will send prices up further, with houses outperforming units in terms of price growth. The big focus for investors when it comes to an August rate cut will be the quarterly inflation figures due on Wednesday July 30th. Kyle Rodda from Capital.Com joins the program to talk about the finance news and the share market. Close of Business is presented by Alicia Barry.
#ABCBusiness

Subscribe: ab.co/3yqPOZ5

Welcome to ABC News In-depth, where you'll find our long-form journalism and other videos to help you understand what's going on in the world around you.

Watch more ABC News content ad-free on ABC iview: ab.co/2OB7Mk1

For more from ABC News, click here: ab.co/2kxYCZY

Get breaking news and livestreams from our ABC News channel: youtube.com/user/NewsOnABC
Like ABC News on Facebook: facebook.com/abcnews.au
Follow ABC News on Instagram: instagram.com/abcnews_au
Follow ABC News on Twitter: twitter.com/abcnews

Note: In most cases, our captions are auto-generated.

#ABCNewsIndepth #ABCNewsAustralia