Australian property prices rose 8.1 per cent in 2023

Property prices in Australia rose 8.1 per cent in 2023. New data from CoreLogic shows five out of our eight capital cities recorded growth last year, with Brisbane and Hobart leading the way. House price growth in Melbourne and Sydney slowed since the June cash rate rise. CoreLogic says high interest rates and slowing economic conditions will continue to impact the property market this year, resulting in lower house prices. For renters, price increases are also slowing, but were still well above pre-COVID averages in 2023.