by Sanjeev Sah | Nov 14, 2023 | Market Updates

Australia’s property market is set to fully recover by the end of 2023, according to Domain’s latest house price report. 

The report found median house prices across the combined capitals are less than $1,700 away from setting a new record (see image). Unit prices need to increase by $5,000 to do the same. 

That’s after the September quarter saw median house and unit prices grow 1.9% and 1.8% respectively, compared to the previous quarter.  

However, the rate of quarterly growth has slowed down by about one-third compared to the previous quarter. 

Domain’s chief of research and economics, Nicola Powell, said the pace of growth was being “somewhat contained” by stretched affordability.  

“If mortgage rates weren’t as high as they currently are … price growth would be faster with the current housing undersupply. So for buyers who are in the position of considering purchasing, it is important to weigh up the pros and cons of delaying their purchasing timing along with financial planning,” she said.