The home price upswing persisted in March, and prices reached a record high nationally. Despite an increase in the number of homes hitting the market this year, demand has absorbed the surge leading to further price increases.
National home prices lifted 0.34% to hit a new record in March, bringing prices up 1.57% so far this year to sit 6.79% above March 2023 levels.
Prices across the combined capital cities rose 0.40% to a new peak in March, with capital city prices now sitting 7.64% above levels from the same time last years.
All capitals bar Hobart saw prices rise in March, Perth (+0.99%), Canberra (+0.67%) and Brisbane (+0.41%) saw the strongest growth.
Throughout the past year smaller capitals have outperformed, and this trend persisted into March. Perth, Adelaide, and Brisbane home prices hit record highs with annual growth of 18.62%, 13.47% and 12.90% respectively.
Extract from propertyupdate.com.au