National home prices have increased 0.08 per cent in July and are now 6.3 per cent higher than a year ago.
Here’s your one-minute wrap on PropTrack’s Home Price Index.
The headline figure:
Prices in Australia’s capital cities have increased 6.6 per cent over the past year. Cities have outpaced regional markets, which recorded the first monthly price fall, of 0.12 per cent, since late 2022.
The fast five:
- Perth recorded the highest rate of price growth at 0.88 per cent.
- Adelaide prices rose 0.58 per cent in July.
- In Brisbane, property prices climbed 0.34 per cent in July.
- Melbourne recorded a price drop for the fourth month in a row, down 0.21 per cent in July.
- Sydney maintained record price growth, with a 0.12 per cent rise in July.
What else you need to know:
Prices in Sydney are now 6.1 per cent up over the past year and 4.8 per cent higher than the peak recorded during the pandemic.
PropTrack Senior Economist Paul Ryan says:
“Further home price growth is expected over the coming months as the market moves into the traditionally busier spring selling season.
“However, the pace of price growth is likely to remain modest as uncertainty about the path of interest rates and affordability challenges constrain buyers’ budgets.”
