The PropTrack Home Price Index shows that home prices across the country only went up by 0.04% in September.

Prices have been going up for 21 months in a row, though the rate has slowed as more homes come on the market, giving buyers more options.

Economist says, “The upswing is still going strong, but the slower growth suggests that more listings are giving buyers more choices.”

September’s most significant discoveries

• In September, the price of national homes increased by 0.04%, resulting in a 5.67% year-over-year increase.
• The prices of the combined capital cities increased by 5.88% in the past year, but they remained unchanged in September.
• Hobart and Melbourne experienced declines of 0.31% and 0.30%, respectively, while Adelaide (+0.53%), Perth (+0.24%), and Brisbane (+0.20%) experienced the most significant pricing growth.

Trends in capital cities and regional performance

In September, prices in regional regions outperformed those in capital cities, growing by 0.11% as opposed to the combined capitals’ 0.01% gain.

Regional Queensland came in second with 10.98% increase and regional WA with 15.47% year-over-year growth.

Regional Victoria, on the other hand, witnessed the biggest drop in prices, down 1.32% from the same period previous year.

Perth, Adelaide, and Brisbane have led growth over the last two years, although recent advances.

According to PropTrack, Perth is the fastest-growing housing market in the nation after property prices there increased by 22.34% over the previous 12 months.

Problems with affordability and growth possibilities

As long as costs and loan rates stay high, it will be hard for people to buy homes.

But areas where homes are cheaper, like the north of Adelaide and the edges of Perth, have seen strong price growth as buyers look for cheaper choices.

“Even though prices are going up, Perth is still pretty cheap compared to other capital cities,”. Competition is high because there aren’t many goods in stock and people want to buy them.

Getting ready

Home prices will continue to rise through 2023 and into 2024, showing that the housing market is strong even though prices are getting more expensive and interest rates are going up.

Price increases are likely to continue, especially during the spring sale season. However, the rate of growth is likely to slow as buyers have more options and wait for possible interest rate cuts.

September Brings a Mixed Bag to the Housing Market – What’s Next for you?

Managing these changes may be difficult as the housing market continues to rise slowly but steadily. Whether you’re buying, selling, or refinancing, now is the time to get experienced guidance. At ASK Financials, we want to help you make educated choices. With property values shifting and interest rates increasing, having an effective mortgage plan is critical. Contact us now to find out how we can assist you get the greatest deal for your financial future.

Take the next step with ASK Financials, your mortgage specialist in shifting markets!

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