Property prices set new record

Australia's median property price rose 1.1% during the three months to April, to reach a new peak of $825,349, according to Cotality.

Every capital city recorded growth during that three-month period, ranging from 0.6% in Canberra to 3.4% in Darwin.

Cotality's analysis also revealed:

• Regional property prices rose faster than metro prices during the April quarter (1.5% vs 1.0%)
• House prices rose faster than unit prices (1.2% vs 0.7%)
• Three capital cities recorded record-high median prices (Brisbane, Perth, Adelaide)

Property prices have recorded strong growth in recent decades, despite occasional downturns. So although prices are elevated in many parts of the country, they might get even higher in the years ahead. If you’re thinking about entering the market, it might be wise to consider taking action sooner rather than later.

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