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The Latest Proptrack Home Price Index

Key takeaways

This year home prices have remained resilient to the higher interest rate environment and prices nationally are higher than they were a year ago (+5.42% year-on-year).

This continued in November with national home prices jumping 0.22% month-on-month to set another record, although the pace of growth has slowed with the lift in properties coming to market.

The pace of growth slowed in November, but Sydney prices continued to push to fresh record highs.

Home prices in Sydney have now risen for twelve straight months and are 8.40% above their levels a year ago to sit 1.00% above their previous price peak recorded in February 2022 with prices increasing 0.32% in November. Prices in Sydney are now up 8.27% year to date and 1.00% above their previous peak recorded in February 2022.

All capitals, except Darwin (-0.12%), saw prices rise in November. Perth continued its streak of outperformance, and prices rose 0.74% month-on-month, making home price growth in Perth the strongest capital through the month. After Perth (+0.74%), Adelaide (+0.34%), Sydney (+0.32%) and Canberra (+0.32%) led gains through the month.

Home prices in Brisbane have risen at a fast pace this year regaining all of 2022’s price falls. The pace of growth slowed in November, but prices still climbed 0.20% to hit a new price peak. Prices are now 8.85% above their level a year ago and up 8.91% year-to-date.

As has been the case for much of the year, regional areas saw slower growth than capital cities; prices in the capitals are up 6.62% year to date, compared to 2.76% for regional areas. In November, regional prices rose 0.12% to set a record high, while capital city prices rose 0.26% to a fresh record also.

Regional SA (+0.84%), regional Queensland (+0.35%) and regional WA (+0.18%) led regional gains in November, with prices in all markets reaching a new peak.

The latest Proptrack Home Price Index showed home values have remained resilient to higher interest rates this year, and this continued in November with prices continuing to lift and hitting fresh record highs in many markets, although the pace of growth has slowed due to the increase in properties coming to market.

Further, it showed that earlier this year national home prices reclaimed 2022’s price falls in their entirety, with the upswing continuing in November as national home prices climbed 0.22% month-on-month to set another fresh record, bringing them up 5.53% so far this year and 1.29% above their previous peak recorded in March 2022.

Proptrack Home Price Index November 2023

Ms Eleanor Creagh, Senior Economist at PropTrack said:

“This spring has been busier than last, buyer and seller confidence is buoyant, and choice has improved significantly in the major capitals which saw the pace of growth slowing.

Although the flow of new listings hitting the market has risen, demand for housing has remained strong and home prices have continued to move higher, albeit at a slower pace.

November marked the eleventh consecutive month of national home price growth.

After falling 4.02% from March 2022 to December 2022 national prices are now up 5.53% from the low point recorded in December 2022, to sit 1.29% above their previous peak and 5.42% above their levels a year ago.”

Growth slows but prices continue to rise

According to PropTrack’s data, national home prices increased 0.22% in November, marking their eleventh consecutive increase, the longest period of consecutive monthly growth since the pandemic boom which saw 23 consecutive months of growth from May 2020 to March 2022.

Ms Creagh further said:

“This continued lift means prices nationally have grown 5.53% since their low point in December 2022, reversing the fast falls seen in 2022 in their entirety, to now sit 1.29% above their previous peak recorded in March 2022 and 4.54% above their year ago levels.

This year strong housing demand, buoyed by record net overseas migration, tight rental markets, low unemployment and for existing homeowners substantial home equity gains of recent years, has worked alongside limited housing stock to offset the impacts of higher interest rates.”

Home Price Growth Australia

Key findings from Proptrack’s November 2023 report:

  • This year home prices have remained resilient to the higher interest rate environment and prices nationally are higher than they were a year ago (+5.42% year-on-year). This continued in November with national home prices jumping 0.22% month-on-month to set another record, although the pace of growth has slowed with the lift in properties coming to market.
  • The pace of growth slowed in November, but Sydney prices continued to push to fresh record highs. Home prices in Sydney have now risen for twelve straight months and are 8.40% above their levels a year ago to sit 1.00% above their previous price peak recorded in February 2022 with prices increasing 0.32% in November. Prices in Sydney are now up 8.27% year to date and 1.00% above their previous peak recorded in February 2022.
  • All capitals, except Darwin (-0.12%), saw prices rise in November. Perth continued its streak of outperformance, and prices rose 0.74% month-on-month, making home price growth in Perth the strongest capital through the month. After Perth (+0.74%), Adelaide (+0.34%), Sydney (+0.32%) and Canberra (+0.32%) led gains through the month.
  • Home prices in Brisbane have risen at a fast pace this year regaining all of 2022’s price falls. The pace of growth slowed in November, but prices still climbed 0.20% to hit a new price peak. Prices are now 8.85% above their level a year ago and up 8.91% year-to-date.
  • As has been the case for much of the year, regional areas saw slower growth than capital cities; prices in the capitals are up 6.62% year to date, compared to 2.76% for regional areas. In November, regional prices rose 0.12% to set a record high, while capital city prices rose 0.26% to a fresh record also.
  • Regional SA (+0.84%), regional Queensland (+0.35%) and regional WA (+0.18%) led regional gains in November, with prices in all markets reaching a new peak.

Home Price Growth Capital Cities Vs Regional Areas

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