Australia’s housing market has soared to unprecedented levels, reaching an impressive $10.9 trillion in value—a remarkable $225.9 billion increase over the June quarter. This surge in home values reflects a significant rise in national average home prices, which climbed by $15,600 to $973,300 in the three months leading up to June.
While this uptick in property values may present challenges for prospective homebuyers, who face rising prices that outpace their savings, existing property owners are likely celebrating the increased equity in their homes. Cameron Kusher, Director of Economic Research at PropTrack, noted that despite the highest interest rates in 12 years, property values continue to climb, adding to the difficulty for new buyers but offering substantial benefits for current homeowners.
The growth in home prices has varied across the country. Western Australia experienced a dramatic increase, with average home prices rising by $47,700 to $816,000—an average of over $500 per day. This surge is attributed to strong demand coupled with limited housing supply, leading to intense competition among buyers.
Similarly, South Australia and Queensland have seen substantial gains. South Australia’s average home price rose by $32,400 to $800,400, while Queensland’s prices increased by $30,500 to $885,400. In contrast, New South Wales, the most populous state, saw a more modest rise of $11,500, bringing its average price to $1.222 million.
Victoria, however, experienced a slight decline in average home prices, which fell by $6,600 to $900,300. This decrease is partly due to a high volume of properties entering the market, which has led to less urgency among buyers compared to other states.
Other regions have shown more moderate growth. The ACT saw a $7,600 increase to an average of $953,900, Tasmania’s home prices rose by $3,600 to $672,600, and the Northern Territory experienced a $7,600 rise, bringing the average to $538,000.
Looking forward, Kusher anticipates continued growth in home values throughout the September quarter, though at a potentially more moderate pace due to increased market stock.
At Positive Income Properties, we can help you navigate this dynamic market to find investment opportunities that offer income, growth, and tax benefits. Our expertise spans a broad range of residential properties, ensuring we match you with options that align with your goals, aspirations, and budget.
Contact us today to schedule a consultation with our team of consultants, brokers, insurers, and property managers. Let us help you secure the best investment properties while opportunities remain.
Gil Elliott is the Managing Director and Founder of Positive Income Properties. Gil has a rich background in business consulting and property investment. All of these he gained in his nearly four decades of experience in the real estate and marketing industries.
