Growth Trend Continues
The Australian Property market has chalked up its fifth consecutive quarter of property price growth.
The latest Domain House Price Report shows that house prices have increased for the fifth straight quarter while units have increased for the past four quarters.
The report says the pace of growth is slowing in the housing market, but it says in the unit market the pace of price growth is on the increase in Sydney, Brisbane, Perth and Darwin.
Median house prices are now at record highs in in Sydney, Brisbane, Adelaide, and Perth while units are at record highs in Brisbane, Adelaide and Perth.
The report says during the first quarter of 2024, Sydney house prices surpassed $1.6 million and Adelaide surpassed $900,000.
In the unit market, Perth prices hit a record high, overtaking the previous peak for ten years ago during the resources boom.
In good news for those looking to buy or invest, the report says there is finally more choice on the market with homes now being listed for sale faster than they are being purchased.
However, it warns any cut to interest rates could dramatically change that dynamic.
