A Perth family has been forced to leave their rental home after the landlord sold the property, reflecting the broader housing crisis in Australia where house prices are rising at the fastest rate in nearly four years. The family, who wished to remain anonymous, said they could not afford to buy in the current market and struggled to find another rental within their budget.
According to new data from Domain, capital city house values have sustained their longest continuous stretch of growth in a decade, with a median increase of $35,000 in the three months to September. Brisbane has overtaken Canberra as the second-most expensive housing market after Sydney, with median prices rising nearly $40,000 to $1.1 million.
In Perth, previously one of the hottest housing markets, price growth has slowed, with homebuyers increasingly swapping to more affordable units. Unit prices outpaced house price growth, rising by $21,000 compared to $15,000 for houses. Mark Whiteman, chief executive of Ray White real estate in Western Australia, said bidders were still attending auctions but prices were now out of reach for some.
The Reserve Bank governor, Michele Bullock, has warned that government measures to boost supply may not slow down price growth until at least 2027. Financial markets are betting on a 75% chance of a rate cut on Melbourne Cup day, which would further boost home values.
