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%.
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.
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%.
The Easter long weekend is just around the corner, and our team is looking forward to a short break to recharge and spend time with loved ones. Before we head off to enjoy some chocolate eggs and hot cross buns, we wanted to share our holiday hours with you. Our … Read more
Rate Rise Meets Housing Shortage The Reserve Bank of Australia has officially increased the cash rate by 0.25 percentage points. This decision follows a re-acceleration of inflation to 3.8%, with underlying inflation still sitting above the RBA’s preferred 2%–3% target band. What does this mean for the property market? While … Read more