​Apartment price growth continues as house prices pull back slightly: Ray White House Price Report

House prices cooled following the surprise rate rise by the RBA in June, but apartment growth continued, according to the latest research from Ray White.

They found the strongest apartment price increases were in Brisbane, Adelaide and Perth, all increasing by in excess of 0.3 per cent over the month.

There was no capital city that recorded a decline in apartment prices over the month. All cities are now seeing big increases over the past 12 months.

Ray White Senior Economist Nerida Conisbee said there are a lot of push and pull factors in house prices at the moment.

"Interest rate rises may not be over and we are seeing more stock coming to market," Conisbee said.

"Anecdotally, more investors are selling, driven out of the market by higher interest rates and a more difficult ownership environment in many states.

"Rental growth is also starting to slow for houses across Australia, but remains strong for apartments.

Conisbee says one positive about the growth, particularly in apartments, is that it is likely making more new projects viable.

"This will ensure greater housing supply over the next two years."

The cities with the biggest house price falls were Sydney, Hobart and Adelaide, with a decline of 0.2 per cent. Brisbane fell slightly by 0.1 per cent.

Ray White’s total sales in June, $6.4 billion nationally, were on par with what they recorded in June last year.

Buyer activity has continued to increase also across the Ray White network. The number of people bidding at auction is now back to where we were in April 2022.

"The number of active bidders remained stable in June, rather than increasing, perhaps due to the surprise interest rate increase at the start of that month," the Ray White Now Report noted.