How much did your home price rise last financial year?

Savings goal posts have moved after continued property price rises forced homebuyers to put aside an extra $40,000 last financial year if they wanted to purchase a house or apartment. See how much your house is worth | INTERACTIVE

Brisbane has recorded the largest capital city price rises by dollar amount.

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Homebuyers saving to purchase in Australia’s mid-sized capitals will have to stump up an extra $70,000 on average today compared to the start of the financial year due to ever-rising property prices.

New figures from housing researcher PropTrack’s monthly Home Price Index have revealed the price of the typical home in Australia rose $40,900 over the past 12 months, or 4.57 per cent, in response to two interest rate cuts, additional first-home buyers supports and the stabilisation of the national economy.

In Brisbane and Adelaide, buyers will have to find an additional $74,800 and $71,500 respectively, while Perth prices have risen $64,700 since June last year, reflective of a 7.8 per cent bump.

Sebastian Watkins, the co-founder of Lendi Group, which operates Aussie Home Loans, said it was becoming increasingly difficult for young people to get onto the property ladder.

“When you’ve got wage price growth and house price growth where it is, that saving for the ­deposit gap just keeps getting wider,” Mr Watkins said.

“Ultimately, it’s like you’re saving against a finish line that keeps moving further and further away from your grip.”

Townsville home prices were up 18 per cent over the past year, outpacing the rest of the nation.

Western Australia’s rural Wheat Belt was the next biggest mover with a rise of 15.9 per cent, followed by Queensland’s Mackay, Isaac Shire and Whitsunday region, up 15 per cent.

The median house price in Brisbane surpassed $1m in June after logging an annual 8.26 per cent increase, which was beaten only by 9.84 per cent gains in Adelaide. Sydney prices were up 3.25 per cent, or $47,500, over the same period. It beat out Melbourne, which posted its first ­financial year rise since the end of the pandemic-era housing boom, up 1 per cent ($10,600).

All capital city prices rose ­between 0.3 per cent and 0.6 per cent last month, which REA Group senior economist Eleanor Creagh said reflected a return to market synchronicity after price growth diverged.

“We’ve seen market momentum is building, with buyer confidence having improved,” she said.

“With interest rates beginning to fall this year and further interest rate cuts expected throughout the remainder of the year, (the outlook) should continue to ease borrowing costs and boost maximum borrowing capacities.”

Lendi co-founder and Aussie chief operating officer Sebastian Watkins.

Buyers agent Andrew Cumming. Picture: LinkedIn

Southeast Queensland-based buyers agent Andrew Cumming said speed was crucial for buyers, with the co-founder of Purchased.com.au continuing to see strong competition – particularly as more first-home buyers enter the market thanks to expanded government support.

“By the time buyers are deciding it’s the property they want to buy, it’s more often than not already under contract,” he said.

“The property market is going up at such a rate that tomorrow it’s going to be more expensive.

“The fee buyers pay for our service is an investment just to get into the market so they can ride the growth over the next six to 12 months.”

Ms Creagh said prices were likely to climb at a more gradual rate over the next six to 12 months despite more rate cuts likely.

“Affordability is acting as a handbrake on the pace of home price growth,” she said.

“The upturn that we’re seeing in home prices remains more measured and more gradual.”