Key takeaways

House price growth across the combined capital cities is 10 times slower this quarter compared to last, suggesting the property boom is on the cool down.

Despite a slowing market, combined capital median house prices are at a new record high of $1.07 million.

Units across the combined capital cities declined (1%) for the first time since June 2020, recording a median price of $616,942.

Regional Australia is outperforming the cities for house price growth as the regional median house price increased by 3.1% over the last quarter and 20.8% annually.

House prices in Melbourne and Canberra fell 0.7% and 0.9% from last quarter's record high. This is the first quarterly fall since the June 2020 quarter for Melbourne and the March 2020 quarter for Canberra.

Perth has achieved a new record high house price for the first time since 2014.

Brisbane and Adelaide are the only cities to have record-high unit prices, while Sydney, Melbourne, and Hobart units fall from the record high achieved in the previous quarter. This is the first time unit prices have declined in Sydney and Melbourne since mid-2020.