National dwelling values hit a new peak of $800,000 in November following 23 consecutive months of growth.

The PropTrack Home Price Index shows national prices were up by 0.2% in November, house prices were up by 0.2% and units were down slightly by 0.1%. While prices are continuing to grow, ProptTrack senior economist Eleanor Creagh says the pace of growth is slowing, partly as a result of new stock entering the market in some locations.

In the house market, Hobart (0.5%) and Adelaide (0.4%) had the highest growth during November, followed by Brisbane and Canberra (both up by 0.3%) and Sydney (0.1%). Melbourne was the only capital city to record a decline (0.1%), while Darwin recorded no change during the month. Perth, Adelaide and Brisbane remain the strongest capital city markets for annual house price growth (19%, 15% and 12% respectively).

Creagh says while there was an increase of stock on the market during spring, levels are still below historic averages, with total stock on market remaining historically low as new listings are quickly absorbed amid strong buyer demand. She says the “comparative affordability” in Brisbane, Perth and Adelaide is what is driving demand in those cities. “Although after the persistent strong growth, with home prices up around 80% over the past 5 years in each capital, that comparative advantage has been eroded,” she says.