Property prices rose 1% nationally in the September quarter

Australian house prices are still rising but the momentum is definitely slowing, according to latest figures.

Transcript

00:00This is data that's been crunched by property analyst CoreLogic and broadly speaking, this

00:07shows better news for buyers, maybe not so great for sellers.

00:11There's a modest national increase in house prices of 0.4% for the month of September.

00:18So a median value house will now set you back just over $807,000.

00:24But if we take a look at the quarterly figures, we can see that it's a different picture for

00:28Melbourne, Canberra, Hobart and Darwin, all recording falls in house prices, while Perth

00:35has been the top performer at 4.7%.

00:39And for the year up until the end of September, we can also see that Perth has charged ahead

00:45by more than 24% in terms of house price growth.

00:50We've also seen some really strong gains in both Adelaide and Brisbane.

00:55And CoreLogic says that while nationally house prices have increased by 6.7% for the

01:01year, it's clear that momentum is slowing.

01:05We heard from CoreLogic's head of research, Eliza Owen, and she says, for example, the

01:10quarterly increase of 1% nationally for house prices is the lowest rise we've seen since

01:17the start of last year.

01:19The spring selling season for September being anything to go by thus far, it seems that

01:25there are more sellers than buyers in the market, with buyers really being dissuaded

01:31by high interest rates, unaffordable housing, and a high cost of living, which is reducing

01:37savings rates in the amount that people can put towards a deposit.

01:41That's Eliza Owen from CoreLogic, and she also points to the lower auction clearance

01:46levels that are hovering in the low 60% mark for the combined capital cities.

01:51Also in the regions, we've seen that momentum start to slow with just 1% growth over the

01:57past quarter.

01:58But where there is more affordability at some of those lower price points, we're also seeing

02:04stronger sales.

02:05So, for example, units have actually outpaced growth from house prices in six of the eight

02:12capital cities.

02:13There are also some good signs for renters as well, with rental price growth slowing

02:19as well to just 0.1% for the quarter.

02:24Now, that's the lowest growth over a three-month period in four years, so it's showing that

02:30that peak in rental prices has well and truly come and gone.