The Real Estate Institute of Australia’s (REIA) September quarter report found that price growth is varying considerably across the country.
Perth has emerged as a growth leader, recording a 0.9 per cent increase in house prices and a remarkable 4.1 per cent growth in unit values.
Meanwhile, Canberra experienced the steepest decline, with house prices falling 2.7 per cent and unit prices dropping 5.5 per cent.
The rental crisis continues to deepen, with national median rents for three-bedroom houses increasing 9.2 per cent year-on-year to $623 per week.
Vacancy rates remain tight at 1.7 per cent nationally keeping pressure on renters.
REIA President Leanne Pilkington said it’s clear there are changing market conditions across different regions.
“Sydney, Melbourne, Adelaide, and Perth experienced increases, ranging from 0.1 per cent in Melbourne to 0.9 per cent in Perth,” Ms Pilkington said.
Investment activity shows signs of growth, with investor finance increasing 1.9 per cent during the quarter, while owner-occupier lending contracted by 0.6 per cent.
Sydney continues to lead the market with the highest median house price at $1,654,668, while Darwin offers the most affordable housing at $561,000.
The apartment market has shown resilience, with national median prices rising 5.5 per cent annually to $686,459.
“The inverse relationship between vacancy rates and rents continues to play out, with tight markets in cities like Adelaide driving higher rental prices,” Ms Pilkington said.
“These figures demonstrate the evolving nature of Australia’s property market, where both opportunities and challenges emerge depending on the location and asset type.”
