Welcome to your November market update, brought to you by @realty, your trusted partner in real estate. In October, @realty transacted over $437 million in property, reflecting the strength of the @realty network.
Australian Home Prices Hit New Highs Amid Spring Demand Surge
In October, Australia’s national home prices rose by 0.26%, reaching new heights as the spring selling season drew buyers in full force. This marks 22 consecutive months of growth, driven by strong demand despite affordability challenges and high interest rates.
While more properties hit the market, tempering rapid price growth, the capitals saw varied outcomes. Melbourne led with a 0.49% rise after six months of declines, followed by Adelaide (+0.43%) and Perth (+0.32%). Annual growth leaders included Perth (+20.58%), Adelaide (+14.91%), and Brisbane (+12.51%). Regional areas, particularly South Australia and Queensland, also showed solid performance, while regional Victoria saw some declines.
House vs. Unit Market
House prices edged up 0.27% in October, slightly outpacing units at 0.19%, with houses showing a stronger long-term rise since the pandemic.
Outlook
Housing demand remains resilient, supported by population growth and tight supply. Though affordability concerns may weigh on the market, October’s momentum suggests continued growth as the year closes.
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