National home prices increased a modest 0.04% in September, according to the PropTrack Home Price Index.
This marks the 21st consecutive month of price growth, though the pace has slowed as more homes enter the market, providing buyers with greater choice.
“While the upswing continues, the slower growth suggests that increased listings are giving buyers more options,” said Eleonor Creagh (pictured above), PropTrack senior economist.
Regional areas showed stronger performance than capital cities in September, with prices rising 0.11% compared to the 0.01% growth in the combined capitals.
Regional WA led the growth at 15.47% year-on-year, followed by regional Queensland at 10.98%.
In contrast, regional Victoria saw the largest decline, with prices falling 1.32% compared to the same time last year.
Despite recent gains, Perth, Adelaide, and Brisbane continue to lead growth over the past two years.
Perth’s home prices have jumped by 22.34% in the last 12 months, making it the fastest-growing market in the country, PropTrack reported.
Housing affordability remains a concern as prices and interest rates remain high.
However, more affordable regions such as Adelaide’s north and Perth’s outskirts have seen strong price growth as buyers seek cheaper options.
“Despite rising prices, Perth remains relatively affordable compared to other capital cities,” Creagh said. “Low stock levels and strong buyer demand are keeping competition high.”
The continued rise in home prices throughout 2023 and into 2024 reflects the resilience of the housing market, despite affordability constraints and higher interest rates.
Price growth is expected to persist, particularly during the spring selling season, although the pace is likely to slow as buyers enjoy more choices and wait for potential interest rate cuts.
Read the PropTrack analysis in full here. To download the latest report, click here.
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