House prices in parts of Australia are on track to hit a new record high, despite a gradual increase in properties for sale and the pressure of higher interest rates.
CoreLogic housing data showed prices rose 0.8 per cent nationally in September, led by Adelaide, Brisbane and Perth, where housing supply remains about 40 per cent below the five-year average.
The median price of a home is now $1,110,660 in Sydney, $776,716 in Melbourne and $691,591 in Adelaide.
The September quarter saw Adelaide record the highest capital gain at 4.3 per cent, followed by Brisbane at 3.9 per cent and Perth at 3.6 per cent.
Sydney’s property market grew by 1 per cent in September, while Melbourne’s growth was just 0.4 per cent.
On Saturday, a small post-war house in Marayong in Western Sydney sold above the reserve price at auction for $780,000.
On the other end of the spectrum, the Hobart market dropped by 0.6 per cent.
Regional markets are continuing to lag behind the capitals, with every ‘rest of state’ region recording weaker growth conditions relative to their capital city counterpart over the September quarter.