Home Prices Continue to Grow
The PropTrack Home Price Index revealed that national home prices increased by 0.04% in September, marking the 21st consecutive month of growth. Currently, home prices are 5.67% higher than they were a year ago. While price growth is slowing due to an increase in home listings, which offers buyers more options, housing demand remains strong. In September, the strongest price growth was seen in Adelaide, Perth, and Brisbane. Over the past two years, Perth, Adelaide, and Brisbane have experienced the fastest growth rates, Perth's prices rising by 22.34% over the past 12 months, followed by Adelaide at 15.05% and Brisbane at 13.31%. Additionally, growth in regional areas has outpaced that of combined capital cities. Regional prices rose by 0.11% in September, now standing 5.12% above levels from a year ago. Leading the regional growth over the year was Regional Western Australia with the highest growth at 15.47%, followed by regional Queensland at 10.98%.
Housing demand continues to be strong, with prices increasing in many areas of the country in September. The number of homes available for sale has risen, which offers buyers more options. However, the rate of increase varies, as differing supply and demand conditions lead to diverse market performances across the country. Building activity faces ongoing difficulties, contributing to a long-standing shortage of housing. As a result, prices are increasing in many regions.
