Prices rising in 88.4% of suburbs

Australia has hundreds of different property markets, which are often at different points in their cycle, so it's common for there to be many markets where prices are increasing and many where they're decreasing. Right now, though, the vast majority are in growth mode.

An analysis of 4,625 house and unit markets around the country by CoreLogic found that 88.4% experienced median price increases over the year to February 2024.

That compared to 52.9% in July 2023 and 39.1% in February 2023.

CoreLogic economist Kaytlin Ezzy said the reason prices had risen in most markets over the past year was due to an ongoing imbalance between housing supply and demand.

“Despite three rate hikes, worsening affordability, and the rising cost of living, the increasingly entrenched undersupply in housing stock, and above-average demand thanks to strong net migration, has helped push values higher,” she said.