Dr Nicola Powell

And that's what I mean by it's lost a little bit of steam, a little bit of momentum, a little bit of pressure has been eased for buyers.

When you have a look at total supply, it's about 16% above the multi-year low that was reached quite recently before.

You know, new listings are strong.

And I think, you know, again, it's that seller's market and homeowners are being lured by that.

And the fact, you know, we've seen rapidly rising house prices.

So we're starting to see that supply and demand dynamics continue to rebalance.

And I think if we continue to see this, it will really help to ease the fiercely competitive nature that really has impacted buyers throughout this Adelaide upswing.

I do think we'll continue to see prices rise in Adelaide.

Adelaide and Brisbane are the two city markets that I'm still expecting to see prices rise.

I think what we're seeing, though, is the rate of growth will be lower compared to what we saw in 2021.

When you have a look at the annual growth of house prices, it rose by 28% over the last year.

That's the strongest rate of annual growth ever to be recorded for the city.

So we're not yet past that peak rate of annual growth.

So it shows that there's still momentum there and there's still, unfortunately for anybody trying to get onto the property ladder, there is still room for price growth for houses in Adelaide.

Look, Perth, it really was a milestone for the housing market in Perth.

You know, it sounds quite unusual, doesn't it, when you're saying it's the most affordable city to purchase, but hey, it's at a new record high.

You know, what we have seen is more modest pace of price growth and we've seen house prices, you know, see this kind of steady pace of growth.

But to achieve a new record high is a huge milestone.

This means that the last new record was back in 2014.

So it means that the housing market in Perth has recouped all of that downturn that occurred and that downturn spanned about five years and it's now hit a new record high.