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Housing values rose 1.0% in the September quarter, marking the lowest rise in CoreLogic's national Home Value Index (HVI) over a rolling three-month period since March 2023.
The national median dwelling value now stands at $807,110.
Perth, Adelaide and Brisbane drove much of the growth through the September quarter. Sydney's property prices also continued to rise, albeit recording the lowest growth result since the three months ending February 2023.
Four capital cities saw property prices fall in the September quarter, led by Melbourne where prices dropped -1.1%.
Related reading: Why is the Melbourne property market struggling so much?
Canberra, Hobart and Darwin also recorded price declines over the quarter.
The slowdown in property price growth comes as owner occupiers and investors increasingly look to sell up.
The flow of new listings was tracking 3.2% higher than a year ago nationally to be 8.8% higher than the previous five-year average for this time of the year.
CoreLogic's research director Tim Lawless said while it isn't unusual to see a spike in listings in spring, this year's levels are unusually high.
"The rise in real estate inventory is a seasonal trend, with spring and early summer one of the busiest periods of the year for selling," he said.
"However, the flow of freshly advertised housing stock hasn't been this high at this time of year since 2021."
He added that buyers will have plenty of leverage to negotiate with a further rise in listings expected through spring and early summer.
Brisbane second most expensive capital city to buy a house
For the first time in the history of CoreLogic's HVI, Brisbane house prices have overtaken Canberra's, making Brisbane the second most expensive capital city in Australia to buy a house.
Brisbane's median house price now stands at $973,534 while Canberra's sits at $966,684.
On an annual basis, Brisbane's property prices have risen 14.5% but the quarterly pace of growth appears to be slowing, easing back to 2.7% which is the lowest rise over a rolling three-month period since April 2023.
An increasing number of Australians appear to be drawn to the Queensland lifestyle, with Australian Bureau of Statistics (ABS) estimates indicating it is currently the most sought-after destination for interstate migration.
From the year leading up to March, Queensland experienced a net gain of over 30,000 people from other states, which is more than triple that of the next highest destination, Western Australia, with 10,039 migrants.
Photo by Dominic Kurniawan Suryaputra on Unsplash
