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| Australian home prices hit new high during spring rush but Sydney records small slip | |
| (about 2 hours later) | |
| Perth, Adelaide and Brisbane remain the strongest capital city property markets, with prices up 20.58%, 14.91% and 12.51% over the past year | Perth, Adelaide and Brisbane remain the strongest capital city property markets, with prices up 20.58%, 14.91% and 12.51% over the past year |
| Australian home prices hit a record high during the peak spring selling season but home values in Sydney dipped in the city’s first month-on-month decline since January 2023. | |
| The PropTrack report found prices in the combined capital cities increased 5.85% over the past year, after climbing a further 0.28% in October. | The PropTrack report found prices in the combined capital cities increased 5.85% over the past year, after climbing a further 0.28% in October. |
| After six months of falls, Melbourne’s home prices recorded a 0.49% jump – the highest monthly growth rate of the capitals. | After six months of falls, Melbourne’s home prices recorded a 0.49% jump – the highest monthly growth rate of the capitals. |
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| Perth, Adelaide and Brisbane remain the strongest capital markets for annual growth, with prices up 20.58%, 14.91% and 12.51% over the past year, respectively. | Perth, Adelaide and Brisbane remain the strongest capital markets for annual growth, with prices up 20.58%, 14.91% and 12.51% over the past year, respectively. |
| New research from CoreLogic showed Sydney had its first month-on-month decline since January 2023, with the downturn driven by weaker conditions in the most expensive areas of the market. | New research from CoreLogic showed Sydney had its first month-on-month decline since January 2023, with the downturn driven by weaker conditions in the most expensive areas of the market. |
| The 0.1% fall in Sydney was the first monthly decline since January 2023, after a 12.4% drop between February 2022 and January 2023. | The 0.1% fall in Sydney was the first monthly decline since January 2023, after a 12.4% drop between February 2022 and January 2023. |
| Weaker conditions have been led by falls in the most expensive areas of the market, CoreLogic said. There was a 0.6% drop in upper-quartile house values over October and a 1.1% drop over the past three months, the report said. | Weaker conditions have been led by falls in the most expensive areas of the market, CoreLogic said. There was a 0.6% drop in upper-quartile house values over October and a 1.1% drop over the past three months, the report said. |
| In comparison, Sydney’s lower-quartile house and unit values both recorded a 0.5% rise in October. | In comparison, Sydney’s lower-quartile house and unit values both recorded a 0.5% rise in October. |
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| CoreLogic’s Tim Lawless said the stronger performance across the more affordable end of the market was a consistent theme across all capital cities. | CoreLogic’s Tim Lawless said the stronger performance across the more affordable end of the market was a consistent theme across all capital cities. |
| “A combination of less borrowing capacity and broader affordability challenges, as well as a higher-than-average share of investors and first home buyers in the market is the most likely explanation for stronger conditions across the lower value cohorts of the market,” he said. | “A combination of less borrowing capacity and broader affordability challenges, as well as a higher-than-average share of investors and first home buyers in the market is the most likely explanation for stronger conditions across the lower value cohorts of the market,” he said. |
| Based on a rolling four-week count of property listings to 27 October, advertised inventory had increased 12.7% since the end of winter across the combined capitals, the report said. The largest increase occurred in Perth where listings were 20.6% higher, albeit from an exceptionally low base. | Based on a rolling four-week count of property listings to 27 October, advertised inventory had increased 12.7% since the end of winter across the combined capitals, the report said. The largest increase occurred in Perth where listings were 20.6% higher, albeit from an exceptionally low base. |
| “Total listings are now 13.2% above the previous five-year average in Sydney and 13.0% higher in Melbourne,” Lawless said. He said these figures helped explain the weaker conditions in these markets as buyers were benefiting from more choice and less urgency in their decision-making. | “Total listings are now 13.2% above the previous five-year average in Sydney and 13.0% higher in Melbourne,” Lawless said. He said these figures helped explain the weaker conditions in these markets as buyers were benefiting from more choice and less urgency in their decision-making. |