House prices recover despite multiple rate rises
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.
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% |