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Ray White Now – October

By Peter Gow

This month’s edition of Ray White Now dives into the continuing trends of price growth and supply and demand imbalances!

Price Movements:

In September, Australian house and unit prices continued their upward trajectory, marking the strongest year-on-year growth since last year. House prices in Australia increased by 6.1%, with Perth leading the way at 8.6% growth, while units rose by 4.3%, notably in Brisbane and Adelaide. However, there was a slight monthly slowdown in September, with Perth houses experiencing a 0.5% drop and Adelaide units declining by 0.4%.

Listing Activity:

September saw a mixed picture in property listings, with most major cities experiencing a decline, except Canberra. Year-on-year, Australian listings increased by 3.1%. Sydney is a standout, with a substantial 26% increase in listings. Brisbane and Darwin are still below 2022 levels. The supply and demand imbalance suggests that price growth will likely continue.

Auction Insights:

September recorded a record number of auctions, exceeding 1,800. Active bidders also increased, with Adelaide and Brisbane being hotly contested markets. Despite the higher stock levels, clearance rates remained strong at 74.5% across all Ray White auctions, just slightly lower than August’s 75.6%.

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