Australian house prices are continuing to rise -- but the momentum is definitely slowing, according to the latest figures.
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00:00This data has been crunched by property analyst CoreLogic and broadly speaking, it's better
00:06news for buyers, maybe not so great for sellers.
00:10It shows a modest increase in house price growth nationally for the month of September
00:15of 0.4 of a percent.
00:17So a medium value home or house will now set you back just over $807,000.
00:24But if we take a look at the quarterly figures, then you can see that it's a bit of a different
00:28picture for Melbourne, Canberra, Hobart and Darwin, they've all actually seen house prices
00:34fall for the quarter, though Perth has been a very strong performer up by 4.7%.
00:41And if we look at the yearly figures, you can see Perth absolutely charging ahead at
00:47more than 24% growth in house prices.
00:51Also Adelaide and Brisbane have performed really strongly.
00:55And while we've seen a national rise for the year of 6.7% in house prices, CoreLogic
01:02does say that that momentum is slowing.
01:05Earlier on News Breakfast, we heard from CoreLogic's Head of Research, Eliza Owen, and she says
01:11for example, the latest quarterly national growth of 1% is the lowest rise that we've
01:18seen since early last year.
01:20The spring selling season, for September being anything to go by thus far, it seems
01:26that there are more sellers than buyers in the market, with buyers really being dissuaded
01:33by high interest rates, unaffordable housing, and a high cost of living, which is reducing
01:39savings rates in the amount that people can put towards a deposit.
01:44That's CoreLogic's Head of Research, Eliza Owen, speaking on News Breakfast there.
01:49And she does also point to the really lower auction clearance rates.
01:52They're hovering in the low 60%s across the combined capital cities.
01:57Also in the regions, we've seen modest growth as well, and that slowing momentum too, with
02:02just 1% growth for the quarter.
02:06And we have also seen that in those more competitive price points, so the lowest price points,
02:12where we're not having that real difficulty in terms of cost of living, that's where we're
02:16actually seeing higher growths in house prices and sales performing much more strongly.
02:22So for example, unit prices have actually gone higher in growth than houses in six of
02:29the eight capitals.
02:30There's also some good news for renters as well.
02:33For the last quarter, we saw the growth in rental costs actually only go up by 0.1% and
02:41that is the lowest three-month period growth that we've seen in four years.
02:46So it's definitely some happier news for renters that perhaps they've seen the last
02:51of those peak, or the last of that peak in terms of rental price growth.