Housing demand remains buoyant, defying affordability constraints and fuelling continued growth across much of the country. However, performance differs around the country with the balance between supply and demand the primary factor driving that variance.

The PropTrack Home Price Index reveals that Australian home prices rose by 0.22% in August 2024, marking 20 consecutive months of growth. National prices are now 6.16% higher than a year ago, with capital cities leading the rise, up 6.49%. Perth, Adelaide, and Brisbane continue to see the strongest growth, driven by tight supply and strong buyer demand. Perth, in particular, experienced a 23.24% surge over the past year, while Melbourne recorded its fifth consecutive month of decline, with prices down 1.98%.

In regional areas, growth was more modest, with Western Australia and Queensland leading, while regional Victoria saw a 1.74% decrease over the past year.

Perth's affordability and low housing stock have made it one of the hottest markets in the country. Despite affordability challenges, demand remains strong, but the pace of price growth is expected to slow as more homes hit the market in the spring, along with uncertainties around interest rate cuts.

Source: realestate.com.au/insight

Photo by Martin David on Unsplash

What our clients say

Peter is very expert when dealing with selling property. He will help to give his thought and expertise so the property can be sold at good price

nancy i

I had an incredible experience working with Kenneth. He sold my property in just 3 days! From the start, he demonstrated professionalism, excellent communication, and deep knowledge of the local market....

Jay K

I had a good experience with Kenneth purchasing our invesment property. Thank you.

Gordon Y

Great to work with and very professional

George S

I had an exceptional experience working with Kenneth to purchase my new home. Their professionalism, expertise, and dedication to finding the perfect property for me were truly impressive. They listened...

Harinderpal S

Responsive and very helpful!

Johann W