Australian house prices are still rising but the momentum is definitely slowing, according to latest figures.
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00:00This is data that's been crunched by property analyst CoreLogic and broadly speaking, this
00:07shows better news for buyers, maybe not so great for sellers.
00:11There's a modest national increase in house prices of 0.4% for the month of September.
00:18So a median value house will now set you back just over $807,000.
00:24But if we take a look at the quarterly figures, we can see that it's a different picture for
00:28Melbourne, Canberra, Hobart and Darwin, all recording falls in house prices, while Perth
00:35has been the top performer at 4.7%.
00:39And for the year up until the end of September, we can also see that Perth has charged ahead
00:45by more than 24% in terms of house price growth.
00:50We've also seen some really strong gains in both Adelaide and Brisbane.
00:55And CoreLogic says that while nationally house prices have increased by 6.7% for the
01:01year, it's clear that momentum is slowing.
01:05We heard from CoreLogic's head of research, Eliza Owen, and she says, for example, the
01:10quarterly increase of 1% nationally for house prices is the lowest rise we've seen since
01:17the start of last year.
01:19The spring selling season for September being anything to go by thus far, it seems that
01:25there are more sellers than buyers in the market, with buyers really being dissuaded
01:31by high interest rates, unaffordable housing, and a high cost of living, which is reducing
01:37savings rates in the amount that people can put towards a deposit.
01:41That's Eliza Owen from CoreLogic, and she also points to the lower auction clearance
01:46levels that are hovering in the low 60% mark for the combined capital cities.
01:51Also in the regions, we've seen that momentum start to slow with just 1% growth over the
01:57past quarter.
01:58But where there is more affordability at some of those lower price points, we're also seeing
02:04stronger sales.
02:05So, for example, units have actually outpaced growth from house prices in six of the eight
02:12capital cities.
02:13There are also some good signs for renters as well, with rental price growth slowing
02:19as well to just 0.1% for the quarter.
02:24Now, that's the lowest growth over a three-month period in four years, so it's showing that
02:30that peak in rental prices has well and truly come and gone.