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Property Market Update September 2023

House prices recover despite multiple rate rises

Property Market Update September 2023

21 September 2023

We’ve all heard stories about how our parents or grandparents bought their first property for an amount that would barely cover a deposit these days. It shows how much the Australian housing market has grown in the last few decades, but it also highlights the challenges facing would-be homeowners today.

Looking at the June quarter, we saw widespread gains in the housing market, despite consecutive RBA rate rises in May and June. Sydney led the charge with a 4.9% quarterly gain, with dwelling prices in all capitals rising an average of 3.3%, and regional areas up 1.1% . 

Even with this positive quarter, the housing market as a whole is still 6% below the peak of April 20221, so there’s still a way to go to shake off the impact of higher interest rates. 

Median dwelling (house/unit) prices at 30 June 20231 

City Median dwelling price (house and units) Capital growth last 12 months
Sydney $1,073,924 -5.1%
Melbourne  $762,537 -5.7%
Brisbane $725,397 -8.2%
Adelaide $663,136 0.0%
Perth $558,454 2.5%
Darwin $492,081 -1.0%
Hobart $651,187 -12.7%
Canberra $830,217 -8.8%
Combined capitals $789,649 -4.8%
Combined regional $586,645 -6.5%

1CoreLogic Home Value Index, 30 June 2023