national home prices to peak

National Home Prices Return To Peak

Interesting for: Buyer, Seller, Rental Provider, Investor

National home prices moved higher in September, with the spring selling season blooming. National prices have now recovered 2022’s falls entirely after climbing 0.35% month-on-month to peak levels. Prices are up 4.31% so far this year. 

The spring selling season experienced a busy start in September. Buyer and seller confidence is on the up and choice is improving significantly in the major capitals. Despite the uplift in the number of properties coming to market, national home prices have moved higher again, regaining 2022’s rapid price falls in entirety to reach a record high in September.


Home price growth has been driven by record levels of net overseas migration, tight rental markets and a housing shortage. While a sharp increase in the number of properties hitting the market in Melbourne has been improving choice for buyers, strong demand has seen prices continue to lift. Looking ahead, interest rates have likely peaked and population growth is rebounding strongly. Together with a shortage of new home builds, prices are expected to rise. As we head further into the remainder of the year, more markets are likely to reclaim 2022’s fast falls to set new peaks.

Melbourne home price growth accelerated in September, with prices climbing 0.25% month on month. This returns Melbourne to positive annual price growth for the first time since 2022, with prices up 0.07% from their level a year ago. Even so, prices in Melbourne remain 4.27% below their peak in March 2022. Home prices are up 1.66% from their low point recorded in January 2023, meaning the price recovery in Melbourne is lagging Sydney and Brisbane, but remains ahead of the recovery seen in Hobart and Canberra.

Related Articles

What you should be looking for an at open for inspection
What You Should Be Looking For At An Open For Inspection

Attending an open home is an exciting undertaking. Could the property you are about to see be ‘the one’?

Read full article
Interior Trends
Interior Trends for Spring & Summer 2023

What are the interior trends we will be seeing this Spring/Summer?

Read full article
What Australia’s Booming Population Means For Housing

In 2022 the population grew by record numbers – the largest ever recorded numeric increase in a calendar year according to the Australian Bureau of Statistics (ABS).

Read full article
Property Investment Update
Property Investment Update

Melbourne’s property investment market continues to be a rollercoaster ride. Underwhelming vacancy rates and a lack of many options for renters have seen rental prices continue to rise, which has been beneficial for those on the investing end

Read full article

Find an Agent

All of our agents have the experience and local knowledge to guide you

Book an Appraisal

Whether selling or investing, an appraisal of value will give you the confidence to make an informed decision

Manage my Property

Switch to Woodards Property Management

Sign up to our mailing list
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.