Australian Home Prices Climb for 17th Straight Month
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Loading... - Evan Boucher
- 01 Jul 2024
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Australian home prices continued their upward trajectory for the seventeenth consecutive month in June, despite high interest rates and rising living costs putting pressure on buyers. According to the latest PropTrack Home Price Index, prices increased nationally by 0.18% in June, accumulating a 6.55% rise over the past year.
Perth saw an exceptional surge, with its median house price climbing 23% over the past year to a record high of $762,000, marking the fastest growth among all capital cities. Adelaide's median house price crossed the $800,000 threshold, rising approximately 15% to reach $810,000. Brisbane also experienced significant gains, with house prices up nearly 14% and unit prices up almost 17% year-over-year. Brisbane's combined house and unit median value rose by 0.5% in June to $840,000, making it Australia's second most expensive city after Sydney, surpassing Canberra's $834,000.
In Sydney, home prices grew by 0.41% in June to a new record high, though this was the slowest rate of growth observed this year. A typical Sydney house is now valued at $1.428 million, while the median unit price stands at $818,000.
The persistent increase in home prices underscores the robustness of the Australian housing market amidst broader economic challenges. This resilience presents potential opportunities for investors, particularly in high-growth areas such as Perth, Adelaide, and Brisbane. However, with ongoing high inflation and steady interest rates maintained by the Reserve Bank of Australia, affordability remains a significant concern for many buyers.
Strong demand for homebuying has kept prices elevated, particularly in regions with limited property availability.
