After months of rate hikes, house prices have fallen from their peak in most parts of the country, but some buck the trend and are still experiencing double-digit growth.
prop truck house price index The October show showed no change in house prices over the past 12 months.
This represents the lowest annual growth rate since late 2019.
Some regions are seeing double-digit growth despite prices falling in many regions.Photo: Getty
Following a sharp price rise in 2021 and early 2022, a sharp rise in interest rates is putting downward pressure on homebuyer demand.
During a year when the cash rate was at a historic low of 0.1%, things changed quickly.
At a national level, the number of potential buyers per listing has decreased by 7% since October 2021. This has weighed on prices, with the capital seeing him down 2% on average, and regional price growth slowing from its peak in February this year.
However, this is not true for all regions. Some are in high demand and prices are rising.
To get a better insight into where prices are still holding up very well, we looked at the SA4 region, which has seen the biggest annual growth in house prices over the past year.
The SA4 region classification is one way the Australian Bureau of Statistics divides Australia and generally captures areas between 100,000 and 500,000 people.
The SA4 area within South Australia makes up half of the top 10 list, with home prices in the Barossa-York-Mid North, Adelaide-North and South Australia-South East regions up around 20% since last October.
These regions saw a significant increase in potential buyers per listing. The Barossa-York-Mid North increased by 45%, Adelaide-North by 10% and South Australia-South East by 17%.
Housing in the Barossa-York-Mid North area has increased by an average of 20% over the past 12 months.Photo: Getty
Rising interest rates have made it difficult for many Australians to buy a home, increasing demand for relatively inexpensive South Australian homes.
This has contributed to a significant increase in home prices in the state.
In-depth insights from PropTrack’s team of experts:
House prices in the Wide Bay and Ipswich regions of Queensland rose by 18% and 17% respectively, while New England and the North West and Murray in New South Wales also saw strong gains.
Prices are expected to continue to fall as interest rates are projected to rise further in the coming months.
However, more affordable areas within South Australia, Western Australia and Queensland may continue to hold up.