Melbourne's middle-ring suburbs saw the highest house price growth amid escalating interest rates.

Melbourne's middle-ring suburbs experienced the highest house price growth in the past year, as buyers seek more affordable locations amid escalating interest rates. Conversely, affluent inner neighborhoods with homes around $2 million saw prices fall. Sydney's house prices in sought-after areas, downsizer hotspots, and more affordable locations have risen by at least 20% over the past year, with Burwood, Glebe, and Fairlight witnessing over 30% growth.