Growth of 2.54 per cent last month takes the 12 month price gain to a whopping 22.3 per cent, reports Savings.com.au.
While that’s great news for those already in the market, first time buyers trying to crack the affordability challenge will be somewhat relieved to hear the pace is slowing.
“New listings have surged by 47% since the recent low in September and housing focused stimulus such as HomeBuilder and stamp duty concessions have now expired,” said CoreLogic research director Tim Lawless.
“Combining these factors with the subtle tightening of credit assessments set for November 1, and it’s highly likely the housing market will continue to gradually lose momentum.”
Meanwhile, investors are becoming more active which could lead to a resurgence of inner city unit markets in the future.
“With investors becoming a larger component of new housing finance, we may see more demand flowing into medium to high density properties,” Mr Lawless said.
“Investor demand across the unit sector could be bolstered as overseas borders open, which is likely to have a positive impact on rental demand, especially across inner city unit precincts.”
Check out where the growth was at in October:
- Brisbane, 2.54%
- Adelaide, 2.00%
- Hobart, 2.00%
- Sydney, 1.50%
- Melbourne, 0.99%
- Canberra, 1.94%
- Perth, -0.11%
- Darwin, 0.42%