Coastal Edge Real Estate is Aligned with the National and International Group @Realty
Welcome to your September market report, brought to you by @realty, your trusted partner in real estate. In August, @realty transacted over $416 million in property, reflecting the strength of the @realty network.
Homebuyers across Australia are seeing a slowdown in home price growth as the spring real estate market heats up. In August, the national median home price increased by just 0.22% to $790,000, though prices are still up 6.16% from last year and 44.3% since early 2020.
Despite 20 consecutive months of growth, the pace has slowed, with more homes hitting the market and strong demand driven by population growth, tight rental markets, and home equity gains. However, building challenges and affordability issues remain.
Perth led the country with a 0.79% increase in August, bringing its median home price to $751,000, a 23.24% year-on-year rise. Other cities saw varied results, with Adelaide, Brisbane, and Sydney experiencing modest gains, while Melbourne's median home price dipped 0.18%.
In regional areas, Western Australia saw the strongest growth, while regions in Victoria and the Northern Territory experienced declines. Overall, capital cities recorded a combined annual growth of 6.49%, with regional areas slightly lower at 5.32%.
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If you’re considering buying or selling a property and seeking to understand the current market conditions, call Greg Pratt at 0413 624 308 today!
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