Property prices are continuing to rise across Australia, with significant growth in both metropolitan and regional areas, Ray White reported.
Vanessa Rader (pictured above), head of research at Ray White, highlighted Western Australia as a standout performer, surpassing national averages.
“Perth has become Australia’s fifth most expensive housing market, overtaking Adelaide with a median house price of $821,093,” Rader said.
This reflects a 3.6% monthly increase and a remarkable 26.7% annual growth.
Adelaide and Brisbane also maintain strong annual growth rates of 14.7% and 14.4%, respectively.
However, Melbourne lags behind with a 1.3% monthly growth, below the national average of 2.1%.
Regional markets show less dramatic changes, with Western Australia leading despite median prices remaining under $500,000, making it one of the more affordable regions.
South Australia and Queensland demonstrate steady growth at 2.6% monthly, while Victoria, Tasmania, and New South Wales fall below the national regional average of 2.1%.
The unit market mirrors the trends seen in the housing market.
“All areas show positive growth, with Melbourne and Hobart trailing at 1.3% and 1.5%, respectively,” Rader said. “Perth leads at 2.9%, followed closely by Brisbane and Adelaide.”
Sydney and Canberra showed more modest yet positive annual growth at 6.7% and 8.5%. Regional unit prices keep pace with capital cities, rising 1.6% monthly and 9% annually.
Looking forward, recent inflation data has reignited discussions about potential interest rate hikes, which could impact property listings.
“The ongoing imbalance between housing supply and demand continues to drive price increases, while affordability concerns grow amid persistent inflationary pressures,” Rader said.
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