Property Price Growth Heats Up

Property price growth is continuing to heat up, following nine consecutive months of increases.

Nationally, home prices rose by 0.5% in September according to PropTrack data, resulting in values being 6.2% higher than at the same time last year, which equates to about $54,100.

In the housing market, Darwin is continuing to gain strength, with its median price up by 11.5% in the past 12 months, followed by Perth 9.6%, Brisbane 8.8%, Adelaide 8.4%, Sydney 5.5%, Hobart 5.1% and Melbourne 3.8%.

Brisbane has the strongest performing unit market in the past 12 months, with its median up by 14.9%, followed by Darwin 11.4%, Perth 11.2%, Adelaide 9.5%, Hobart 5.7%, Sydney 4.4%, and Melbourne 2.1%.

PropTrack Senior Economist Eleanor Creagh says Melbourne prices have now fully recovered their 2022 peak, returning to record highs after several years of underperformance.

“The combination of increased borrowing capacities and lower borrowing costs, stronger buyer confidence and renewed competition is underpinning a broad and synchronised uplift. Home values are lifting in every capital city and regional area, but momentum is shifting,” she says.