House and unit price growth continued in September. Year-on-year, we are now recording the strongest growth since July 2022. Australian house prices increased by 6.1 per cent while units increased by 4.3 per cent over the past 12 months.
The city recording the strongest growth for houses over the year was Perth with prices up 8.6 per cent. Brisbane and Adelaide are recording the strongest increases for units, increasing by 6.8 per cent and 6.9 per cent respectively.
While growth continues, the rate of monthly change slowed marginally in September compared to the previous month. While Perth houses continue to show the largest increases year-on-year, they saw a slight drop in September of 0.5 per cent. Adelaide units, also a very strong year-on-year performer, saw a decline during the month of 0.4 per cent.
At this point, it does look like price growth will continue. Ray White listings authorities (the point at which a vendor signs to a Ray White agent but the property is not yet advertised) pulled back in Sydney and Melbourne in September relative to August. If this trend continues, and starts to be observed in other states, it is likely that this will be a contributor to continued price growth, alongside ongoing strong population growth and low housing supply.