Australian home prices hit a new record in May, rising 2.73% compared to the same time last year, according to the latest PropTrack Home Price Index report. Almost every capital city saw price growth, with Hobart and Canberra being the only exceptions, recording slight declines of 0.13% and 0.21%, respectively.
The “smaller capital cities” of Perth, Brisbane, and Adelaide led the growth, a trend that has been evident for much of the past two years. Perth recorded an impressive 20.58% increase in home prices over the past year, followed by Adelaide and Brisbane with growth rates of 14.49% and 13.69%, respectively.
Capital city price growth outpaced regional areas, many of which saw minor declines in May. The only regional markets to record price growth during the month were New South Wales and Tasmania.
At Luminur Projects, we understand the dynamics of the Australian property market and the factors driving these trends. Our expertise in property project marketing enables us to navigate these changes effectively, ensuring that both buyers and developers are well-informed and well-positioned to benefit from the market’s movements. By leveraging our extensive network and market insights, we help our clients achieve success in this competitive landscape.
