This article is from the Australian Property Journal archive
AUSTRALIAN home prices rose again over June, with national prices only 0.1% lower than this time last year and capital city prices now exceeding 2022 levels.
According to PropTrack’s Home Price Index, nationally home prices were up 0.31% month-on-month for June, with the combined capital cities up 0.41%.
“The 2023 house price recovery continued in June, despite the Reserve Bank lifting the cash rate for the 12th time since May last year,” said Angus Moore, economist at PropTrack.
“Interest rates will continue to be a headwind for prices, but, unlike in 2022, the peak of interest rates is likely close. Higher interest rates are being offset by a limited flow of new properties hitting the market, as well as strong fundamentals for housing demand.
Sydney saw the greatest growth over the month with a 0.63% bump over June, an annual increase of 0.96% and prices now just 2.97% below their February 2022 peak.
Adelaide and Perth both remain at peak, recording a monthly increase of 0.45% and 0.34% respectively and an annual increase of 5.27% and 5.69%.
Hobart and Darwin were the only capitals to record a decline over the month, down 0.36% and 0.08% respectively and down 6.37% and 1.47% annually. Hobart sat 7.15% below its peak and Darwin 1.74% below.
Melbourne was up 0.24% for the month, down 2.93% annually and is sitting 5.19% below its peak in March 2022.
While Brisbane saw a minor increase of 0.08% for the month, 0.07% for the year and is sitting just 0.81% below its peak, having recorded 2.9% in growth since December.
The ACT saw a monthly increase of 0.11%, was down 3.47% for the year and sits 5.53% below its peak.
| Region | Monthly growth (%) – All dwellings | Annual growth (%) – All dwellings | Median value ($) – All dwellings | Change since peak (%) – All dwellings | Peak month – All dwellings | Cumulative growth since pandemic (%) – All dwellings | Monthly growth (%) – Houses | Annual growth (%) – Houses | Median value ($) – Houses | Monthly growth (%) – Units | Annual growth (%) – Units | Median value ($) – Units |
| National | 0.31 | -0.11 | 744,000 | -1.89 | Mar 2022 | 32.4 | 0.33 | -0.33 | 804,000 | 0.2 | 0.94 | 619,000 |
| Capital Cities | 0.41 | 0.06 | 801,000 | -2.24 | Mar 2022 | 27.3 | 0.41 | -0.04 | 890,000 | 0.43 | 0.54 | 639,000 |
| Regional Areas | 0.05 | -0.55 | 619,000 | -1.45 | Apr 2022 | 47.1 | 0.14 | -0.99 | 642,000 | -0.51 | 2.25 | 548,000 |
| Sydney | 0.63 | 0.96 | 1,036,000 | -2.97 | Feb 2022 | 27.4 | 0.6 | 0.94 | 1,320,000 | 0.7 | 1.05 | 781,000 |
| Rest of NSW | 0.12 | -2.36 | 711,000 | -3.31 | Apr 2022 | 46.9 | 0.14 | -2.85 | 750,000 | 0.04 | 0.77 | 600,000 |
| Melbourne | 0.24 | -2.93 | 803,000 | -5.19 | Mar 2022 | 15.3 | 0.24 | -2.94 | 909,000 | 0.25 | -2.83 | 617,000 |
| Rest of Vic. | 0.06 | -2.6 | 593,000 | -3.78 | Apr 2022 | 40.8 | 0.07 | -2.68 | 615,000 | -0.07 | -1.56 | 441,000 |
| Brisbane | 0.08 | 0.07 | 731,000 | -0.81 | Apr 2022 | 46.3 | 0.18 | -0.53 | 818,000 | -0.53 | 3.94 | 546,000 |
| Rest of Qld | -0.05 | 2.76 | 606,000 | -0.05 | May 2023 | 53.1 | 0.29 | 2.19 | 628,000 | -1.29 | 4.89 | 569,000 |
| Adelaide | 0.45 | 5.27 | 666,000 | 0 | Jun 2023 | 48.8 | 0.46 | 4.97 | 712,000 | 0.34 | 7.95 | 499,000 |
| Rest of SA | -0.28 | 8.93 | 393,000 | -0.28 | May 2023 | 48.6 | -0.29 | 9.15 | 400,000 | 332,000 | ||
| Perth | 0.34 | 5.69 | 577,000 | 0 | Jun 2023 | 34.6 | 0.34 | 6.09 | 618,000 | 0.32 | 2.44 | 427,000 |
| Rest of WA | 0.39 | 6.78 | 462,000 | 0 | Jun 2023 | 42.3 | 0.42 | 7.03 | 477,000 | 0.08 | 4.11 | 349,000 |
| Hobart | -0.36 | -6.37 | 668,000 | -7.15 | Mar 2022 | 37.6 | -0.45 | -7.21 | 710,000 | 0.08 | -2.28 | 553,000 |
| Rest of Tas. | -0.14 | -0.81 | 504,000 | -0.81 | Jun 2022 | 53.2 | -0.16 | -1.09 | 529,000 | 0.05 | 2.46 | 416,000 |
| Darwin | -0.08 | -1.47 | 482,000 | -1.74 | May 2022 | 25.7 | -0.07 | -1.04 | 557,000 | -0.12 | -2.95 | 378,000 |
| Rest of NT | -0.31 | 3.1 | 455,000 | -0.31 | May 2023 | 17.7 | -0.35 | 3.18 | 486,000 | 339,000 | ||
| ACT | 0.11 | -3.47 | 838,000 | -5.53 | Mar 2022 | 35.6 | 0.37 | -4.16 | 962,000 | -0.93 | -0.64 | 620,000 |
“While the total number of properties listed on realestate.com.au has picked up compared to a year ago, the flow of new properties hitting the market remains subdued, which is creating a more competitive environment for properties coming to market,” added Moore.
“With auction clearance rates strong, and fewer properties hitting the market during winter, price growth is likely to continue in the near term, despite the potential for further interest rate increases.”
