Australian house prices continued to increase in November and are now well above the previous peak in 2021. While surprising given rapid interest rate increases, the growth reflects strong population growth and a housing shortage.

Despite a lot more homes on the market compared to last year and interest rates a lot higher, house price growth is continuing across our capital cities.

House and unit price growth continued in September after reaching a new peak in July. Year-on-year, we're now recording the strongest growth since mid-last year.

The property market continues to heat up with all capital cities now recording year-on-year price increases.

Property markets have been a bit lacklustre since May last year when interest rates began their quick march upwards.

It was great news for mortgage holders that the Reserve Bank of Australia held interest rates this month.

This month in Ray White Now, Prices are now firmly on the move everywhere in Australia, having increased by 3.5 per cent since the start of the year.

This month in Ray White Now, after rising by 1.8 per cent since the start of the year, Australian house price growth took a breather, declining slightly by 0.2 per cent.