Property prices have reached record highs in the major capitals, but experts say the market may be turning in favour of buyers.
The latest Domain House Price Report shows record highs in cities like Perth, Adelaide, Brisbane and Sydney. Perth led the way with a 25.3% annual increase, followed by Brisbane at 14.8% and Sydney at 6.1%.
Despite these highs, growth rates are slowing due to affordability constraints and the cost-of-living crisis. Sydney and Perth’s quarterly growth halved, while Brisbane’s rate fell by a third. Even Melbourne and Canberra saw slight declines too.
With new supply at its highest since March 2022, properties are staying on the market longer and negotiation opportunities are increasing, signalling a shift toward a buyers’ market.
