Australian house prices recorded further growth in the June quarter, helping to recover half the value lost in 2022’s downturn, Domain’s quarterly House Price Report found.

Across the capital cities, house prices jumped around $27,500, or 2.7%, last quarter.

“The continued mismatch between supply and demand has been a fundamental contributor to the price recovery currently being experienced in the Australian housing market,” said Dr Nicola Powell, Domain’s chief of research and economics.

“This has been fuelled by an unseasonably weak flow of new listings and rising demand - with the total number of homes for sale 22% below the five-year average for the combined capitals.”

House prices in Sydney led the way, increasing by 5.3% last quarter, while those in Adelaide rose 2.8%.

Capital city

Median house price

Quarter-on-quarter change

Year-on-year change

































Combined capitals




When it comes to units, the combined capitals saw prices rise for the first time since late 2021.

The median unit price was $608,898 in the capitals last quarter – a 2.6% quarter-on-quarter improvement.

Meanwhile, Brisbane and Adelaide saw unit prices reach record highs last quarter, with the median unit in the cities priced at $478,370 and $449,548 respectively.

“However, the tide is gradually changing, as the flow of new listings improves, likely spurred by the persistent pricing recovery or homeowners selling due to the higher debt costs,” Dr Powell said.

Nearly a third of Australian homeowners are estimated to be at risk of mortgage stress, Roy Morgan recently found.

The situation could worsen if the Reserve Bank of Australia lifts rates by another 0.25% at Tuesday’s meeting, according to Roy Morgan CEO Michele Levine.

“[If that happens] Roy Morgan forecasts mortgage stress is set to increase to over 1.51 million mortgage holders considered ‘at risk’ by August 2023,” she said.

While the number of new listings hitting the market is lower than the long-term average, there’s been a notable improvement on recent troughs.

“As housing confidence improves, and as the mortgage cliff unravels, we could begin to see a slowdown in price growth as listings continue to rise, and those looking to buy have greater choice,” Dr Powell said.


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
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5.99% p.a.
5.90% p.a.
Principal & Interest
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6.14% p.a.
6.16% p.a.
Principal & Interest
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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

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