Home values still growing but at slower speeds
Perth and Adelaide now more expensive than Melbourne
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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King Living has unveiled a modular version of its Aura Sofa, bringing greater flexibility to the sculptural design collection as demand grows for furniture that can adapt to changing lifestyles.
2 min
Australian furniture brand King Living has expanded its Aura Collection with the launch of a new modular sofa designed to blend contemporary aesthetics with adaptable living.
The Aura Sofa builds on the success of the Aura Island range, first introduced in 2023, which included indoor and outdoor sofas as well as fixed and swivel occasional chairs.
The latest evolution introduces modular functionality to the collection, allowing homeowners to configure the sofa to suit a variety of spaces and uses.
As living spaces continue to evolve, particularly in urban environments where flexibility is increasingly valued, furniture designers are placing greater emphasis on products that can adapt over time.
King Living says the new Aura Sofa has been developed with this trend in mind, enabling customers to create corner, L-shaped or U-shaped layouts, while also allowing additional modules to be added as needs change.
King Living founder David King said the original Aura concept began as an exploration of sculptural design before being reimagined as a modular system.
“Aura began as an exploration of sculptural form. Now, we’ve brought modularity into that design language, giving the freedom to reimagine your space with a modular design made for flexibility,” he said.
The collection’s defining feature remains its soft, flowing silhouette, with curved forms replacing traditional angular sofa designs.
The company describes the sofa as a response to changing lifestyles, where living rooms increasingly serve multiple purposes, from entertaining guests and family gatherings to quiet reading corners and work-from-home spaces.
Its rounded profile and minimalist aesthetic are intended to enhance the flow of contemporary interiors while maximising available space. According to the company, the design is equally suited to compact apartments and larger open-plan homes.
“Today, living space is both a luxury and a constraint. Aura is our response, a purposeful design that proves when intention and fluidity converge, the result can feel both expansive and refined,” King said.
Beyond aesthetics, the new sofa incorporates several engineering features synonymous with the King Living brand.
These include the company’s Postureflex steel suspension system, extra-high pocket springs and its signature steel frame, which is backed by a 25-year warranty. The company says the design has been engineered to deliver long-term comfort and durability.
Sustainability has also been a focus of the design. Each module features a removable cover that can be professionally cleaned, repaired or replaced individually, reducing the need to replace an entire sofa and potentially extending the product’s lifespan.
The Aura Sofa is available made to order in a range of premium fabrics and European leathers, allowing customers to tailor the piece to different interior styles and colour palettes.
Designed, manufactured and sold exclusively by King Living, the Aura Sofa launched in showrooms and online early this month, marking the latest addition to the Australian company’s growing portfolio of modular furniture designs.
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