The national average house price has risen one per cent for the third month in a row

New data shows the national average house price has risen one per cent for the third month in a row.

Transcript

00:00It's traditionally been the big fish like Sydney and Melbourne that have driven home

00:07values across the country, but it really does look as like they're smaller cousins.

00:12Some of the smaller capital cities across Australia are now very much leading the charge

00:17with Sydney and Melbourne lagging behind.

00:20We've heard the latest data from Cotality shows the third month in a row that home values

00:25in Australia have risen by more than 1%.

00:28We're bang on 1% for the month of November, but to give you an idea of how consistent

00:33this rise has been, we saw 1.1% in October.

00:38So nominally speaking, there has been somewhat of an easing, but it really does look as though

00:44it's those smaller capital cities, particularly like Adelaide and Darwin that are leading the

00:50charge while Sydney and Melbourne seem to very much be falling behind them.

00:54And now let's take a quick look at the monthly increases in home values that we've seen

00:59over the month of November, Sydney rose by 0.5%, Melbourne 0.3%, but it very much is the

01:07tale of the smaller capitals, Adelaide, Brisbane and Darwin as a 1.9% growth over the month,

01:152.4% over the month for Perth as well.

01:19Now, annually speaking, it does follow a very similar narrative, although as you can assume,

01:24those numbers are significantly higher.

01:265% change for Sydney over the year, 4.2% for Melbourne, but once again, it's the smaller

01:33capitals.

01:34Brisbane, 12.8%, Perth, 13.1% and Darwin, 17%.

01:40Now, Eliza Owen from Coatality says that a very big reason why we are seeing Perth in

01:46particular see an enormous rise is simply the fact that a lot of people are effectively

01:51making the great migration across the continent from the East Coast to Perth.

01:56There's a lot of reasons why there's better supply for housing at the moment, as well as

02:01a lot of job opportunities that are really inspiring a lot of people on the East Coast to make their

02:06way west. Let's take a quick listen to what Eliza had to tell us.

02:10It comes back to a deficit of supply, where listings volumes across Perth are about 40%

02:16lower than where they would usually be this time of year based on a historic five-year average.

02:22We've seen really strong interstate migration to Western Australia for the past few years,

02:27strong jobs growth, and that's been met with constrained supply.

02:31There we go, the usual suspects of supply and demand. Now, the bottom line here is that

02:37affordability very much at an all-time low. Just to give you an idea of how unaffordable

02:43it can be, only 15% of all homes that were sold in the 2025 financial year would be affordable

02:51to a home earning a median income in Australia, which is $60,000 a year. So the dream of home

02:58ownership, at least certainly from the data that we're seeing at the moment, very much

03:02slipping out of the hands of a lot of Australians.