Australia’s property market continues to evolve, with national home prices reaching a new peak. The national median home value has surpassed $800,000, reflecting persistent demand despite affordability challenges and higher interest rates. While growth remains positive, the pace has slowed, offering buyers more choice amid increased stock for sale.
Performance remains varied across regions and capitals. Cities like Hobart and Adelaide have led recent growth, while Melbourne has shown subdued momentum, now ranking as the fifth-most expensive capital city. Regional markets remain strong, with areas such as South Australia and Tasmania showing notable resilience.
Perth remains a standout performer, recording the highest annual growth among capital cities, driven by relative affordability and strong demand. In contrast, Melbourne has faced declines due to higher property taxes and increased supply, which have moderated price gains.
While the rapid growth seen in prior years may ease, price levels are expected to remain stable, supported by factors such as strong population growth, a resilient labour market, and ongoing supply shortages. The market appears set to navigate a more balanced phase, with opportunities emerging for buyers and sellers alike.
