National house prices reach record $800,000 despite market cooling

Australian dwelling prices hit a new record median of $800,000 in November despite increased housing stock and slowing growth momentum.

Home prices rose 0.15 per cent for the month and 5.53 per cent annually, according to PropTrack’s latest Home Price Index.

REA Group senior economist Eleanor Creagh said the growth marked 23 consecutive monthly increases.

“While housing demand has remained resilient to persistent affordability constraints, we have seen the pace of home price growth slow since earlier in the year,” she said.

Capital cities recorded 5.55 per cent annual growth while regional areas saw 5.48 per cent.

Hobart led monthly gains with a 0.43 per cent rise to $682,000, marking its first positive annual growth since October 2022.

Adelaide followed with a 0.40 per cent increase, while Brisbane and Canberra each rose 0.28 per cent.

Brisbane’s median price reached $868,000, making it Australia’s second most expensive capital city.

Perth remained the strongest performing capital with 18.74 per cent annual growth, followed by Adelaide at 14.64 per cent and Brisbane at 12.56 per cent.

Sydney prices barely moved with a 0.08 per cent monthly gain, while Melbourne fell 0.07 per cent to $792,000.

Creagh said increased listings had tempered price growth in major markets.

“The increase in properties hitting the market this year has been met with strong demand, but increased stock for sale has been a contributor to slowing price growth,” she said.

Regional areas outperformed capitals in November, rising 0.26 per cent compared to 0.11 per cent.

Regional South Australia led with 1.06 per cent growth while regional Victoria and Northern Territory declined.