National dwelling values reached a record peak of $800,000 in November, marking 23 consecutive months of growth, according to the PropTrack Home Price Index.

Overall, prices rose by 0.2% during the month, with house prices increasing by 0.2%, while unit prices saw a slight decline of 0.1%.

Despite ongoing growth, PropTrack senior economist Eleanor Creagh notes the pace of price increases is slowing in some areas, driven partly by the introduction of new stock to the market.

Among the capital cities, Hobart led house price growth with a 0.5% rise in November, followed by Adelaide (0.4%), Brisbane and Canberra (both 0.3%), and Sydney (0.1%).

Melbourne was the only city to record a decline, falling 0.1%, while Darwin’s prices remained unchanged.

Annual growth continues to be strongest in Perth, Adelaide, and Brisbane, where house prices have increased by 19%, 15%, and 12% respectively.

Creagh highlights that while there was a seasonal increase in listings during spring, total stock levels remain historically low as new listings are quickly absorbed due to strong buyer demand.

The “comparative affordability” of Brisbane, Perth, and Adelaide has been a significant driver of demand in these markets, according to Creagh.

However, she warns that persistent growth—home prices in these capitals have risen around 80% over the past five years—has gradually eroded this affordability advantage.