The latest house price trends
According to the latest CoreLogic and PropTrack home value statistics, Perth has the highest house price growth in Australia in 2023, with an annual growth rate of a staggering 19.8% as of March, well above the combined growth rate of 9.7% in major capital cities.
PropTrack's Home Values Index shows house prices in Perth grew by 18.6 per cent in the year to March, also well above the 7.6 per cent annual growth rate in major cities.
Since July 2022, Perth house prices have grown by 23.6 per cent, with detached homes up 24.5 per cent.
As house prices have risen, rents have also grown in tandem, up 14% in the year to March 2023.
And in 2024, Brisbane could become the leader in Australian house price growth.
In Canstar's annual 'Rising Stars' report, released this week, the Queensland capital rose eight places in the rankings, squeezing Adelaide off the top spot.
Sydney, Perth and Melbourne also rank highly, reflecting a shift in areas that have experienced significant growth in the property market during the pandemic.
Canstar's report, compiled in conjunction with real estate research firm Hotspotting, ranked 14 capital cities and suburban areas, identifying districts or suburbs where property prices are expected to soar.
To identify the top-performing regions, the agency conducted a study of each region's median home price increase, sales volumes that can drive home price growth, vacancy rates, and rental growth.
The study also takes into account infrastructure spending, as improvements in facilities can lead to economic activity and increase demand for real estate.
Hotspotting founder Terry Ryder said in a statement: "Overall, the big cities are outperforming the suburbs. "Over the past few years, the suburbs have shown strong growth, with outflows to the suburbs driving up house prices there.
Sydney and Brisbane are both at the forefront of major infrastructure investments, with the latter preparing to host the 2032 Olympics.
Canstar's report highlights several "rising stars" in each jurisdiction, where home prices are expected to be high due to factors such as strong demand, accessibility, lifestyle and low vacancy rates.
布里斯班:Bellbird Park、Bowen Hills、Cleveland、Eagleby、Goodna、Milton、Nundah、Petrie、Springwood和Wavell Heights。
昆州城郊：Bargara、Berserker、Blacks Beach、East Toowoomba、Golden Beach、Kingaroy、Merrimac、Nambour、Varsity Lakes和West Gladstone。
阿德莱德：Andrews Farm, Christie Downs, Elizabeth East, Enfield, Greenwith, Mount Barker, Hope Valley, Salisbury, St Clair和Woodcroft。
南澳城郊：Kadina, McCracken, Mount Gambier, Murray Bridge和Whyalla。
悉尼：Ashfield, Casula, Guildford, Minto, Mount Druitt, Newtown, Padstow, Penshurst, St Marys和Westmead。
新州城郊：Charlestown, Dapto, Coffs Harbour, East Gosford, Heddon Greta, New Lambton, Nowra, Tweed Heads和Woonona。
珀斯:Balcatta、Banksia Grove、Belmont、Bentley、Golden Bay、Gosnells、Harrisdale、Midland、Greenwood和Wellard。
西澳城郊：Broome, Bunbury, Geraldton, Greenfields,和Withers。
墨尔本:Ascot Vale、Boronia、Brunswick East、Collingwood、Frankston、Mill Park、Mitcham、Northcote、Nunawading和Oakleigh。
维州城郊:Bairnsdale, Castlemaine, Darley, Eaglehawk, Maiden Gully, Officer, Pakenham, Sebastopol, Seymour和West Wodonga。
霍巴特：Blackmans Bay, Geilston Bay, Hobart City, Midway Point和Rokeby。
塔州城郊：Launceston, Newstead, Norwood, Riverside和Ulverstone。
达尔文:达尔文、Gunn、Fannie Bay、Nightcliff和Zuccoli。
堪培拉:Callwell、堪培拉市、Dickson、Gungahlin和Wanniassa。
According to the latest data from PropTrack, the median house price across Australia rose by 6.79% year-on-year in March.
In the capital city, the median house price rose to $832,000, up 7.64% year-on-year.
Both of these increases set new price records.
Ryan expects home prices to continue to grow in 2024, but at a "slower than average" rate.
He said that while the year has started better than predicted, many people have been shut out of the housing market due to a lack of affordability, which is expected to hinder significant growth in home prices.
High interest rates continue to discourage first-time home buyers, and their ability to borrow has plummeted as a result.
References: CoreLogic, Domain