Australian property prices are continuing to rise, and are now on track to hit record highs in the coming weeks.
CoreLogic’s latest Home Value Index (HVI) saw an increase of 0.9 per cent in October, accelerating from a 0.7 per cent rise in September.
The median price of a home is now $747,424 across the country. In Sydney, the median home price is $1,121,196, in Melbourne it is $778,541 and in Brisbane it is $770,575.
Are you struggling to get onto the property ladder? Share your story with email@example.com
Property prices have risen 7.6 per cent since a trough in January this year, meaning prices are 0.5 per cent below the historic peak recorded in April 2022.
“At this rate of growth, we will see the national HVI reach a new record high mid-way through November, recovering from the 7.5 per cent drop in values recorded over the recent downturn between May 2022 and January 2023,” CoreLogic research director Tim Lawless said.
Although capital city values had been consistently rising, CoreLogic found there had been a clear slowdown in the quarterly pace of growth. Lawless said this was likely due to a combination of higher advertised stock, alongside stretched affordability for buyers.
“With an acceleration in the flow of new listings coming onto the market, it’s unlikely buyer demand will be able to keep pace as we move through spring amid high interest rates and low sentiment,” he said.
Where are prices rising the most?
The biggest price increases were in Perth (up 1.6 per cent), followed by Brisbane (up 1.4 per cent) and Adelaide (up 1.3 per cent).
Brisbane housing values reached a new record high in October, while Perth and Adelaide were also at new record highs after recovering from downturns earlier in the year.
Darwin was the only capital city to record a loss (down 0.1 per cent) through the month.
Regional areas are also growing but slower than their capital city counterparts, with values up 0.7 per cent for the month.
10 suburbs with the biggest growth
These are the 10 suburbs that have recorded the biggest growth over the past 12 months and their median value:
Armadale, Perth - $551,197, up 21.5 per cent
Rockingham, Perth - $568,434, up 17.3 per cent
Gosnells, Perth - $546,864, up 16.5 per cent
Kwinana, Perth - $483,355, up 16.4 per cent
Mandurah, Perth - $565,236 - up 16 per cent
Nathan, Brisbane - $1,065,581, up 14.9 per cent
Mt Gravatt, Brisbane - $1,084,749, up 14.8 per cent
Marrickville - Sydenham - Petersham, Sydney - $1,694,355, up 14.8 per cent
Baulkham Hills, Sydney - $2,021,885, up 14.3 per cent
Hornsby, Sydney - $1,449,274, up 14 per cent