Despite the rate increases impacting the borrowing power of many homebuyers, national property prices are still expected to realise up to 5% growth by the end 2023.

PropTrack’s latest forecast said 2023’s overall price growth would range between 2% to 5%.

PropTrack director of economic research Cameron Kusher said this forecast builds on the performance of the housing market over the first half of the year when it hit 2.3% growth.

“The property market has seen a turnaround this year with six consecutive months of property price growth. Limited supply of available properties for sale was a key factor contributing to buyer competition and price growth,” he said.

“We saw price increases despite rising interest rates and reduced borrowing capacities and anticipate moderate price increases to continue over the coming months.”

According to PropTrack’s forecast, capital cities are expected to drive the growth, with their prices slated to increase between 3% and 6%.

Capital Cities Price Growth Forecast - 2023

Capital City

Price Growth Outlook


3% to 6%


-1% to 2%


1% to 4%


3% to 6%


4% to 7%


-3% to -6%


-3% to 0


0 to 3%

Mr Kusher said the outlook for 2024 remains unclear given that a large group of fixed-rate borrowers’ mortgages are set to expire from their current interest rates in the lines of 2% to around 6%.

“Interest rate changes act with a lag, and as such, the possible impact of higher repayments on these borrowers won’t be seen until 2024 — at this stage, we are forecasting modest price growth in 2024.”

Sales and listing volumes affecting price growth

According to PropTrack, the take-up and supply of homes will influence how prices will move forward for the rest of the 2023.

Sales volumes in June 2023 were higher than any of the final six months of 2022 despite the 3.7% decline year-on-year.

In terms of supply, the total stock remains historically low — in June, the number of properties listed on PropTrack’s records are down 9.6% year-on-year.

The low supply of properties available for sale has contributed to the price rebound in 2023.

The number of incoming supply of properties in the market has also been trending lower since its peak in March 2022.

However, there are signs that sellers are likely to be preparing to list their properties. When a lift in new listings occur, the expected price increases could slow down slightly.

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
  • Low rates for purchase and refinancing
  • Simple online application process
  • No fees, unlimited redraws, 0.10% offset 
5.94% p.a.
5.95% p.a.
Principal & Interest
5.95% p.a.
5.95% p.a.
Principal & Interest
5.99% p.a.
5.90% p.a.
Principal & Interest
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .


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