Australian property prices stabilizing after another boom

The latest monthly statistics show that property markets in major regions appear to be stabilizing after a recent boom.
Analysts predict that price increases will come to a sharp halt next year.

The median national property price is now at a record high of $753,654, according to CoreLogic, although it is far higher in Sydney at more than $1.2 million.

Key markets Sydney and Melbourne were fairly flat over the past month, but prices were still rising strongly in Brisbane, Adelaide, and Perth.

Property prices in Melbourne and Hobart fell 0.1% in November. Perth (+1.9 percent), Brisbane (+1.3 percent) and Adelaide (+1.2 percent) recorded the largest monthly city increases.

Interest rates have been rising since May last year, with some economists tipping another rate rise in February.

Expert says property value growth is slowing as buyers at the top end of town ease up on paying eye-watering prices.

In every capital city except Darwin, the median price for an apartment is now more than $450,000. In Sydney, it is far higher at $836,000.