Weekly Market Update (27 Oct 2023)

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Weekly Market Update (27 Oct 2023)
  1. September 2023 House Price Report (Source: Domain)

    Australia’s property market is on track to fully recover by the end of 2023, with house prices only about $2,000 away from reaching a new record. The pace of growth has slowed compared to the previous quarter, but this marks the first annual increase in house prices in a year. Sydney and Brisbane are leading the recovery, with house prices in both cities expected to reach new records by the end of the year. Adelaide, Perth, and Sydney have seen the highest house price gains in the September quarter. The stretched affordability and high mortgage rates are containing the pace of growth. Auction volumes have reached a 16-month high, providing more choices for buyers. Sydney has the largest price gap between houses and units, with houses being twice the price of units. Melbourne has overtaken Canberra as the second most expensive city to purchase a unit. Brisbane and Adelaide have record-high unit prices. The recovery is driven by interstate and overseas migration, a tight rental market, and a chronic undersupply.


  1. Consumer Price Index (Source: ABS)

    Annual CPI inflation in Australia eased in the September quarter, with a rate of 5.4%. This marks the third consecutive quarter of lower inflation, down from a peak of 7.8% in December 2022. The decrease in inflation was mainly driven by lower prices for holiday travel and accommodation, as well as changes in the Child Care Subsidy, which led to a decrease in child-care costs. However, annual inflation remains elevated for services such as vets, restaurant meals, and hairdressers. Rental prices also saw a significant increase, rising by 7.6% annually, the largest rise since 2009. Utilities prices rose by 12.6% due to price reviews by retailers, while food inflation eased to 4.8% in the September quarter. Overall, inflationary pressures have moderated in Australia, but certain sectors continue to experience higher price growth.


  1. 2032 Brisbane Olympics (Source: PRD)

    Hosting the 2032 Olympic Games in Brisbane is expected to have a significant impact on property prices. The games will create employment opportunities and attract population growth, increasing demand for housing. Past examples show that hosting international events can lead to property price growth. Suburbs near the Olympic venues are predicted to see median house prices reach $1 million or more. The Olympics also have the potential to increase housing supply by repurposing existing infrastructure. The Queensland State Government aims to use the games to accelerate long-term development plans in the Northshore-Hamilton area. Overall, hosting the Olympics presents an opportunity to create a well-informed housing supply legacy that meets various demographic needs.


  1. CoreLogic Auction Results (Week ending 22 Oct 2023)
    (Total Auction / Clearance Rate)

    – Sydney: 888 / 68.5%

    – Melbourne: 1,139 / 63.3%

    – Brisbane: 168 / 63.5%

    – Perth: 16 / 56.3%

    – Canberra: 80 / 53.8%

    – Adelaide: 171 / 77.2%

    – Tasmania: 1 / 0%

    – Combined Capitals: 2,463 / 65.7%


If you’re interested in staying updated on the Australian housing market, feel free to reach out to us. You can also follow our Facebook page and Instagram for regular updates on new listings, market trends, statistics, and insightful information.

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