Australian property prices maintained solid momentum in October, with the national median house price increasing 1.1 per cent to $940,000. This marks the ninth consecutive month of price gains and pushes annual growth to 10.6 per cent, the first double-digit result since the pandemic boom. Unit prices posted an even stronger monthly rise of 1.4 per cent, reaching $710,000, with annual growth now at 9.2 per cent. This acceleration represents a notable shift in market trajectory. The consistent monthly gains since February for houses and March for units reflect sustained buyer demand meeting constrained supply across most markets. With the Reserve Bank holding the cash rate at 3.60 per cent this month following elevated inflation readings in the September quarter of 3.2 per cent, the price momentum suggests underlying demand pressures remain resilient rather than following monetary policy.
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