Five consecutive months of increases in national home prices
The May PropTrack Home Price Index Report revealed that the price falls that were experienced in 2022 have begun to rebound this year with five consecutive months of increases in national home values. All capital cities except Darwin experienced increases and all regional markets except regional NSW and regional Victoria recorded price increases. Combined capital city home prices have risen 1.34% over the past three months which is the strongest quarterly growth since the December 2021 quarter. Capital cities are showing strong growth although regional markets have outperformed capital cities on an annual basis. Regional Queensland home prices have risen 0.32% in May and are up 2.72% year to date, these rises have created a new price peak for regional Queensland. The report explained the strong housing demand paired with limited supply is driving the price growth of homes.
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