Australia’s property market is expected to make a full recovery to pandemic prices by the end of 2023.
According to Domain’s House Price Report, the national median house price is only $2,000 away from reaching pandemic highs.
The report follows a significant dip in housing and unit prices in 2022 which was Australia’s lowest recorded downturn.
Stay up-to-date on the latest news with The National Briefing – keeping you in the loop with the nation’s breaking news as it hits.
Amid the downturn, Sydney’s median house prices saw a loss of $148,092 while Brisbane suffered a $47,381 loss.
Sydney has since recouped $135,705 of the loss and Brisbane $39,020.
Released Thursday, the report revealed that all capital cities are recovering from the dip with Brisbane and Sydney expected to exceed previous highs.
Perth and Adelaide managed to avoid the dip and have recently experienced record highs.
While substantial growth has been recorded, Domain chief of research and economics Dr Nicola Powell said price growth has slowed down.
“The pace of price growth is losing momentum,” she said.
“We saw quite a strong start to the year in terms of price rise, but now we’ve started to see the pace of growth still be positive, but it moderated, and that is largely due to the increase in supply we’ve now started to see.”
Subscribe to The Briefing, Australia’s fastest-growing news podcast on Listnr today. The Briefing serves up the latest news headlines and a deep dive into a topic affecting you. All in under 20 minutes.