Property market growing despite high interest rates

Written on the 14 December 2023

A new report from CoreLogic has found that median property prices increased in 82.4% of local markets in the three months to October, based on a sample of 4,506 suburbs across Australia.

That included price increases in 83.1% of house markets and 80.6% of unit markets.

Focusing just on house markets, prices increased in:

· Perth - 99.7% of suburbs

· Adelaide - 99.0%

· Brisbane - 98.7%

· Sydney - 91.4%

· Melbourne - 80.8%

· Canberra - 71.1%

· Hobart - 59.1%

Darwin - 59.1%

CoreLogic's head of research, Eliza Owen, said many housing markets across the country were growing, despite high interest rates and weakening economic conditions.

“It’s often noted that Australia is not ‘one housing market’ and we’re currently seeing increased diversity in capital city market performance,” she said.

“That’s reflected in city-wide growth rates, the various levels of supply that’s available in some cities over others, and it’s reflected in the different suburbs we analyse in this report.”