March House Price Report

Perth prices remain the strongest in the country with prices now having risen by just over 20 per cent over the past 12 months. The city is also leading the way for apartment price growth. 

Apartments in Perth are now seeing stronger price growth than houses in all other capital cities. 

While price growth remains strong, over the month, capital city pricing was relatively flat. It was a different case for regional areas however. Regional Western Australia and Regional South Australia are the top performers, partly driven by tourism but also decent mining conditions. Regional Queensland is also strong, primarily driven by Sunshine Coast and Gold Coast, areas which are seeing growth partly from high levels of interstate and international migration, but also problems with housing supply. 

Hobart is back to being one of the more affordable markets in Australia after a decade of very strong growth which at one point put it as the third most expensive market in Australia. Although being relatively lacklustre compared to other capital cities, regional Tasmania is performing better. Since the pandemic, this part of Australia has been the strongest performer in the country with prices up over 70 per cent over a four year period. Coming in second over this same time period is Brisbane, up just under 70 per cent

My call last month that prices will likely rise at least 10 per cent in 2024 continues to look likely. At present, the market is pricing in an interest rate cut in September/October which will potentially lead to an acceleration in pricing, particularly for interest rate sensitive cities such as Melbourne and Sydney.  

Souce by Ray White Media