PropTrack’s latest Home Price Index has just been released, and depending on whether you’re looking to buy, or already in the market will determine whether it’s good or bad news for you.
The report, authored by REA Group’s Eleanor Creagh, suggests, with home values up in every capital except Hobart over the past month, homeowers will be cheering.
REA Group senior economist Eleanor Creagh
This however comes as a further blow to those desperately trying to enter the market, as the increasing unaffordability pressures makes the Great Australian Dream of home ownership seem increasingly like a nightmare.
Here’s how our major cities performed:
SYDNEY
Interest rate cuts have blasted hot air on what had been a dying fire in the Sydney housing market, with a bounce in prices over February breaking a six-month streak of weaker market conditions.
PropTrack’s latest Home Price Index revealed Sydney prices increased by an average of 0.5 per cent over the month – the first meaningful rise in citywide prices since August and the biggest rise in a year.
Sydney homeowners saw their property’s value increase over the past month. Photo: Getty Images
Prices had been falling over December and January, while growth over the spring months was minor to the point of essentially being flat.
Housing experts had long warned that an interest-rate cut would drive an “immediate” resurgence in prices – especially in Sydney due to the higher levels of debt required to enter the market.
BRISBANE
PropTrack’s Home Price Index saw Brisbane’s median house value threatening to pass the crucial seven-figure price point, sitting tantalisingly close at a record $977,000, though both the Gold and Sunshine Coasts have already surpassed that level.
It pips January’s figure which was revised downwards by over $2,000, with REA Group senior economist Eleanor Creagh now expecting the value of half the houses across the region to cross the millionaire line this year.
Brisbane homeowners have plenty of reasons to celebrate. Picture: Supplied
She said on current growth trends, Brisbane houses were on track to hit $1m median this year.
“If growth continues at the same pace, I guess it would be six to eight months, at some point this year,” she said.
Brisbane’s overall median dwelling value is at a record $870,000 after January’s revisions, with the highest level on the Sunshine Coast ($1.01m) then the Gold Coast $962,000, Ipswich $720,000, Toowoomba $640,000, Mackay-Isaac-Whitsunday $535,000, Cairns $575000, Townsville $525,000, and Central Queensland $515,000.
MELBOURNE
Melbourne house price growth is leading the nation for the first time in five years as the city heads into the early stages of a recovery barely a week after an interest-rate cut.
PropTrack’s latest Home Price Index report showed the Victorian capital’s properties gained value the fastest in the country in February, with the median house rising about $5500 (0.68 per cent) to $892,000 in February.
Melbourne homeowners have had a win. Pic: Tennis Australia/ NICK LA GALLE
Units are also up, with the $576,000 typical flat, townhouse or apartment gaining almost $4000 (0.63 per cent) in the past month.
But while both home types outpaced the rest of the nation in February, they’re still cheaper than they were a year ago with house values more than $23,000 (2.56 per cent) below 2024 levels, and units $12,500 (2.17 per cent) off the pace.
ADELAIDE
Homeownership is slipping further out of reach for young South Aussies with Adelaide property prices again pushing ahead of other capital cities.
PropTrack’s latest Home Price Index shows Adelaide home prices rose 0.33 per cent month-on-month to $7953,000 in February, with combined dwelling values up 11.91 per cent over the past 12 months.
Values were up in Adelaide too. Picture: Ben Clark
This represents an annual increase of $84,395.
Adelaide house and unit prices also reached new highs in February. Entry-level houses now sell for $849,000, up 0.34 per cent to January figures, while unit prices rose by 0.18 per cent, to a new metro-wide median of $592,000.
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