Home values still growing but at slower speeds
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Home values still growing but at slower speeds

Perth and Adelaide now more expensive than Melbourne

By Bronwyn Allen
Tue, Sep 3, 2024 2:12pmGrey Clock 3 min

Australian home prices increased for the 19th consecutive month in August, with the national median price rising by 0.5% to a median $802,357, according to new figures from CoreLogic. However, there is significant diversity between the capital city markets, with some areas recording price falls. Home values rose the most in Perth at 2 percent but fell the most in Canberra by 0.4 percent.

CoreLogic says the pace of price growth across the country is slowing, primarily due to affordability constraints and an easing of very tight supply and demand in the strongest markets. Over the three months ending August 30, the national median rose by 1.3 percent, which is less than half the 2.7 percent increase recorded over the same period last year.

Perth remains the hottest property market in the country, with values rising 2 percent to a median of $785,250 last month. Values rose by 1.4% in Adelaide to a median $790,789, and by 1.1% in Brisbane to a median $875,040. Sydney home values lifted by 0.3% to a median price of $1,180,463.

Four capital cities saw a fall in home prices in August, led by Canberra with an 0.4 percent fall to a median value of $845,875. Melbourne and Darwin recorded an 0.2 percent drop to a median of $776,044 and $504,367, respectively. Hobart values softened by 0.1 percent to $655,114.

For the first time since February 2015 when Western Australia was coming out of a mining boom, Perth’s median home value is now higher than Melbourne’s median price. Adelaide has also reached a new milestone with its median value also exceeding Melbourne’s for the first time in the four decades that CoreLogic has been tracking home prices.

Melbourne’s median price is now the third lowest among the capital cities. While the city’s higher proportion of apartments skews its overall home price median lower, there are other factors behind Melbourne’s softening market. These include higher supply, with Victoria building more homes over the past decade than any other state or territory, and lower investor demand due to increased taxes.

CoreLogic’s Head of Research, Eliza Owen said seasonality may have contributed to weaker overall value growth throughout Winter, but affordability was the greater factor. Higher interest rates are limiting buyers’ borrowing capacity and high cost of living pressures are reducing demand.

CoreLogic estimates that an affordable purchase for a median-income household is just $500,000. However, the national median value has just risen above $800,000. Ms Owen said this discrepancy has likely narrowed the buyer pool to wealthier and higher-income buyers.

 

Sydney

Sydney’s median house price rose by 0.3 percent in August to $1,471,892. The median apartment price rose by 0.5 percent to $859,050.

 

Melbourne

Melbourne’s median house price fell by 0.2 percent in August to $929,715. The median apartment price dipped 0.1 percent to $610,652.

 

Brisbane

Brisbane’s median house price increased by 0.9 percent in August to $966,382. The median apartment price rose by 1.7 percent to $653,325.

 

Adelaide 

Adelaide’s median house value lifted 1.4 percent in August to $844,963. The median apartment price rose by 1.5 percent to $555,464.

 

Perth 

Perth’s median house price rose strongly by 1.9 percent in August to $818,839. The median apartment price increased by 2.2 percent to $561,582.

 

Canberra  

Canberra’s median house price eased 0.3 percent in August to $967,933. The median apartment price fell 0.5 percent to $579,774.

 

Hobart

Hobart’s median house price dipped 0.4 percent in August to $692,606. The median apartment price went the other way, rising by 1.3 percent to $549,569.

 

Darwin  

Darwin’s median house price dipped by 0.1 percent in August to $589,392. The median apartment price fell 0.5 percent to $355,297.



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Pure Amazon has begun journeys deep into Peru’s Pacaya-Samiria National Reserve, combining contemporary design, Indigenous craftsmanship and intimate wildlife encounters in one of the richest ecosystems on Earth.

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Pure Amazon, an A&K Sanctuary, has officially launched its voyages into the 21,000-square-kilometre Pacaya-Samiria National Reserve.

Designed for just 22 guests, the new vessel positions itself at the high end of wilderness travel, offering quiet, immersive, and attentive experiences with a one-to-one staff-to-guest ratio. The focus is on proximity to wildlife and landscape, without the crowds that have made parts of the Amazon feel like tourism has arrived before the welcome mat.

Where Architecture Meets the River

The design direction comes from Milan-based architect Adriana Granato, who has reimagined the boat’s interiors as part gallery, part observatory. Floor-to-ceiling windows frame rainforest scenes that shift hour to hour, and every space holds commissioned artworks by Peruvian artists.

The dining room’s centrepiece, Manto de Escamas de Paiche by Silvana Pestana, uses bronze and clay formations that mirror the scale patterns of the Amazon’s giant fish. Pestana’s works throughout the vessel reference environmental fragility, especially the scars left by illegal gold mining.

In each suite, hand-painted kené textiles by Shipibo-Konibo master artist Deysi Ramírez depict sacred geometry in natural dyes. Cushions by the BENEAI Collective feature 20 unique embroidered compositions, supporting Indigenous women artists and keeping traditional techniques alive in a meaningful, non-performative way.

Wildlife Without the Tame Script

Days on board are structured around early and late river expeditions led by naturalist guides. Guests may encounter pink river dolphins cutting through morning mist, three-toed sloths moving like they’re part of the slow cinema movement, and black caimans appearing at night like something from your childhood nightmares.

The prehistoric hoatzin appears along riverbanks, giant river otters hunt in packs, and scarlet macaws behave like the sky belongs to them. The arapaima — the same fish inspiring Pestana’s artwork — occasionally surfaces like an apparition.

Photo: Tom Griffiths

A Regional Culinary Lens

The culinary program is led by a team from Iquitos with deep knowledge of Amazonian produce.

Nightly five-course tasting menus lean into local ingredients rather than performing them. Expect dishes like caramelised plantain with river prawns, hearts of palm with passionfruit, and Peruvian chocolate paired with fruits that would be unpronounceable if you encountered them in a supermarket aisle.

A pisco-led bar menu incorporates regional botanicals, including coca leaf and dragon’s blood resin.

A Model of Conservation-First Tourism

Pure Amazon’s conservation approach goes beyond the familiar “offset and walk away” playbook. Through A&K Philanthropy, the vessel’s operations support Indigenous community-led economic initiatives, including sustainable fibre harvesting and honey production in partnership with Amanatari.

Guests also visit FORMABIAP, a bilingual teacher training program supporting cultural and language preservation across several Indigenous communities. Notably, the program enables young women to continue their education while remaining with their families — a rarity in remote regions.

Low-intensity lighting, heat pump technology, and automated systems reduce disturbance to the reserve’s nocturnal wildlife.

Photo: Tom Griffiths

The Experience Itself

Itineraries span three, four, or seven nights. Mornings often begin with quiet exploration along mirrorlike tributaries; afternoons allow for spa treatments or time on the open-air deck. Evenings shift into long dinners and soft-lit river watching as the rainforest begins its nightly soundtrack.

Granato describes the vessel as “a mysterious presence on the water,” its light calibrated to resemble fire glow rather than a foreign object imposing itself on the dark.

It is, in other words, slow travel done with precision.

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