Australia’s property market has reached a new milestone, with the national median dwelling price hitting a record $800,000 in November, according to PropTrack’s latest Home Price Index.
Despite increased housing stock and slowing momentum, home prices edged up 0.15% for the month and surged 5.53% year-on-year, marking 23 consecutive months of growth.
Capital Cities vs. Regional Areas
Capital cities saw annual growth of 5.55%, while regional markets followed closely with a 5.48% increase.
Hobart led the monthly gains among the capitals with a 0.43% rise, bringing its median price to $682,000 and posting its first positive annual growth since October 2022.
Adelaide came in second with a 0.40% increase, followed by Brisbane and Canberra, both up 0.28%. Notably, Brisbane’s median price climbed to $868,000, making it Australia’s second most expensive capital city.
Meanwhile, Perth continued to dominate the annual growth charts with a staggering 18.74% increase, trailed by Adelaide at 14.64% and Brisbane at 12.56%.
However, growth was more subdued in Sydney, which saw a modest 0.08% monthly increase, while Melbourne experienced a slight decline of 0.07%, bringing its median price to $792,000.
Supply and Demand Dynamics
REA Group Senior Economist Eleanor Creagh attributed the market’s slowdown to an increase in property listings.
“While demand has remained strong, the higher number of properties hitting the market has contributed to the easing of price growth, especially in major cities,” Creagh said.
Regional Markets Continue to Shine
In November, regional markets outperformed the capitals, with prices rising 0.26% compared to 0.11% in metropolitan areas.
Regional South Australia led the pack with a 1.06% monthly increase, while regional Victoria and the Northern Territory recorded slight declines.
Despite the cooling momentum, Australia’s property market remains resilient, with regional areas providing a competitive edge and capital cities continuing to attract strong demand. As the year closes, all eyes will be on how the market balances rising inventory with persistent buyer interest.