Residex has released its house and unit price results for October, which revealed a 1.19% rise in Australian house values over the month and a 0.85% rise in unit values. Over the year, house values rose by 7.95% nationally, with unit values up by 8.44%:
As shown above, Melbourne has taken over Sydney as the primary driver of house values nationally, with values in Melbourne jumping another 1.65% in October, by 6.84% over the quarter, and by 11.04% annually. Although price growth in Sydney remains strong, it did slow to 1.05% in October, 4.04% over the quarter, and by 20.90% over the year. Sydney’s median house price hit a record $1,058,500 in October, with Melbourne rising to $729,500.
