new data out this morning shows house prices have risen dramatically across most of Australia with a 5% rise expected by the end of the year reporter Shan T Goodwin is following the stories for us from Sydney good morning sha so take us through these figures good morning Michael well Property Data firm prop track has just released its most recent Market Outlook update and it says that that shows that property the price of apartments and hous across Australia has continued to grow steadily despite interest rates being at their highest point in 12 years prop Trak says that it expects prices to grow by about 5% across 2024 having already grown by 2.7% between January and may this year now looking across the financial year to date so since July last year across the country Perth was the highest growth Market with property Price grow around 19% uh followed by Adelaide at around 133% about 12% in Brisbane here in Sydney uh prices grew by about 6% and in Melbourne they remained relatively flat at just off just under 1% now prop track analysts say that the impact of the stage three tax cuts as well as a potential rate reduction next year may have further impacts on the market but they're actually seeing the price growth starting to slow slightly here's what one of their analysts had to say the market is expected to continue to uh have this mismatch between demand and Supply which sees prices rise but we do expect that generally speaking the rate of is going to slow a little bit now the most recent inflation data coming in at 4% it's still well above the reserve bank's target range of between 2 and 3% which has some analysts concerned that it may lead to an interest rate rise at the August meeting which could uh further uh hurt uh mortgage holders and it may make it harder for some people to purchase homes which could take some of the heat out of the market