Property market rebound: House prices are on the rise, but not in one major city

It marks a rebound after a period of rapid decline.

National prices recovered to reach peak levels from 2022 lows after climbing 0.38 per cent in September and by 4.31 per cent this year, according to PropTrack's Home Price Index report released on Sunday. "While a sharp increase in the number of properties hitting the market in Sydney and Melbourne has been improving choice for buyers, strong demand has seen prices continue to lift."

Melbourne house prices ticked up by a quarter of a per cent in September and have returned to positive annual growth for the first time since 2022. The city's market grew by almost half a per cent last month and has grown by more than eight per cent to make it one of the country's top-performing markets.

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