THIS YEAR? Leading the charge is Sydney with the median up 4.1 per cent since December. In every capital city, prices are now back to where they were mid last year. If the current rate of growth continues, there is the potential for declines seen in 2022 to be completely reversed by the second half of 2023. Despite high interest rates and an expectation that the economy will be slow this year, there are also other factors contributing to an increase in home prices. Sydney leads the nationwide recovery Median price difference from 2022 low to March 2023 –Houses Low date Mar-23 Difference (%) SYDNEY December 31, 2022 $1,586,692 4.1% MELBOURNE December 31, 2022 $1,076,577 3.0% CANBERRA December 31, 2022 $1,087,029 2.7% HOBART December 31, 2022 $758,023 2.0% BRISBANE December 31, 2022 $847,465 1.8% DARWIN November 30, 2022 $598,122 1.2% PERTH September 30, 2022 $669,150 1.1% ADELAIDE November 30, 2022 $709,971 1.1% Capital city combined December 31, 2022 $916,629 2.4% AUSTRALIA December 31, 2022 $735,983 1.9% Source: Neoval
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