Australian capital city house prices reached a record high in July, with a 0.8 per cent rise over the month.
July data reported capital city dwelling values were 6.3 per cent higher over the first seven months of the year.
Property prices in Sydney, Melbourne, Adelaide and Hobart all recorded monthly gains above one per cent. However, Brisbane, Perth, Darwin and Canberra all recorded a fall in dwelling values over the month.
July marks the 50th month of the combined capitals growth cycle since it commenced in 2012, which saw capital city dwelling values rise 38.3 per cent over the cycle.
Auction markets continued to strengthen over the weekend with Sydney recording the highest preliminary clearance rate of the year at just over 80 per cent and Melbourne following closely with clearance rates in the mid 70 per cent range.
While values continue to rise, the rate of growth across the combined capital cities aggregate index slipped back after soaring in April and May.
The growth trend rate is still tracking faster than income growth, resulting in a deterioration of housing affordability. The erosion of housing affordability is likely to be one factor contributing to slow housing demand across price sensitive market segments.