House prices in Australia’s capital cities have reached new highs for the sixth consecutive quarter, though the growth rate is decelerating.
According to Domain, the combined capital city house prices rose by 1.3% last quarter, consistent with the previous quarter but slower than mid-2023.
Sydney house prices hit a record high of $1.66 million, increasing by 1.3% for the quarter. Melbourne houses saw their strongest gain in 2.5 years, rising by 1.7%. Meanwhile, Brisbane house prices are on track to surpass $1 million next quarter.
In Perth, house prices exceeded $800,000, with an increase of $448 per day over the past year. However, unit price growth slowed significantly, growing at a rate four times slower than the previous quarter.
