Australian property prices are continuing to rise, with capital cities now hurtling towards record-high prices for houses and units.
Domain’s September House Price Report found the housing market was near full recovery following the downturn in 2022.
Across the capitals, house prices are just $2,000 short and units $5,000 shy of hitting new record highs.
In Sydney, the median price of a house is now $1,578,099, in Melbourne it is $1,032,266 and in Brisbane it is $848,752.
For units, the median price in Sydney is now $781,024, in Melbourne it is $573,067 and in Brisbane it is $495,143.
“September’s quarter confirms all Australian capital cities are in recovery or at a price peak,” Domain chief of research and economics Dr Nicola Powell said.
“Sydney continues to lead the recovery, with Brisbane close by. By the end of the calendar year, house prices in Sydney and Brisbane are anticipated to recover fully from the 2022 downturn, reaching new records.”
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Adelaide, Perth and Sydney led the charge for house price gains over the September quarter, while Adelaide, Perth and Melbourne saw the biggest unit price gains.
“Adelaide and Perth’s house prices are at an all-time high. For units, it’s Adelaide and Brisbane. These record-high numbers are driven by a series of factors: interstate migration, record levels of overseas migration, a tight rental market, and a chronic undersupply,” Powell said.
Despite the rise, the pace of growth, quarter on quarter, has eased by roughly a third.
Stretched affordability was slightly dampening the pace of growth, Powell said, with quarterly growth easing by roughly one-third.
“If mortgage rates weren’t as high as they currently are (5.98 per cent for a new owner-occupied home loan), price growth would be faster with the current housing undersupply,” Powell said.
Where are prices rising the most?
Here are the top 10 suburbs across the capitals that recorded the biggest price increases over the past 12 months and their median value and property type.
South Hedland, WA - $235,000 unit, up 55.6 per cent
Parkhurst, Qld - $610,000 house, up 45.2 per cent
Glenelg North, SA - $567,500 unit, up 43.7 per cent
Cairns City, Qld - $575,000 unit, up 38.6 per cent
Whyalla Playford, SA - $317,500 house, up 38 per cent
Hindmarsh Island, SA - $801,000 house, up 33.5 per cent
Barton, ACT - $835,000 unit, up 33.2 per cent
Kadina, SA - $370,000 house, up 33 per cent
Carseldine, Qld - $548,000 unit, up 32 per cent
Airlie Beach, Qld - $500,000 unit, up 31.6 per cent