Prices Hit Record High

Australian property prices have hit a record high, chalking up ten straight months of growth.

PropTrack data shows that nationally, dwelling prices rose 0.6% in October, resulting in medians 7.5% higher than a year ago.

Almost all capitals now have record high median dwelling values, with Hobart and Canberra the exceptions, with medians -3.9% and -1.0% below peak.

PropTrack Senior Economist, Eleanor Creagh, says combined capital city dwelling prices are up 7.4% year on year.

The standout performer in the house market in the past 12 months is Darwin (+12.9%), followed by Regional South Australia (+12%), Perth (+11.3%) and Brisbane (+11.1%).

In the unit market, Brisbane had the highest growth of 16.8% over the past 12 months, followed by Perth (14.2%) and Regional South Australia (up 12%).

The data shows that three capital cities now have median house prices above $1 million – Sydney ($1.622 million), Brisbane ($1.126 million) and Melbourne ($1.007 million).

Creagh says increased borrowing capacity, lower mortgage rates and improving sentiment are fuelling renewed competition.

“The market appears set for further gains through spring and into summer, with leadership continuing to rotate as momentum shifts to previous laggards,” she says.