Corelogic recently released their Market Trends report (data accessed 02/12/2024) and here is how your capital city faired:
Median House Price: $1,188,912.
Annual Change in 2024: 4.5% increase
Top 5 Areas: St Mary’s, Fairfield, Bankstown, Mount Druitt & Bringelly – Green Valley
"Sydney’s residential market experienced steady growth in 2024, fuelled by strong demand for family homes in well-connected areas. The increase in properties hitting the market for sale has been met with strong buyer demand. While price growth was more subdued compared to previous years, tight supply and ongoing migration maintained a competitive environment, however Sydney property price growth has slowed significantly over the last few months. The apartment market saw renewed interest, particularly from first-home buyers and investors"- George Garagounis, State Director
Median House Price: $776,949
Annual Change in 2024: 3.0% decrease
Top 5 Areas: Cardinia, Dandenong, Casey – South, Melbourne City & Wyndham.
“In 2024, Melbourne’s property market stabilised after a period of strong fluctuations. Price growth slowed, influenced by high interest rates and affordability challenges. First home buyers were still active but faced difficulties, despite government incentives. The rental market remained competitive, with rising rents and low vacancy rates, making it attractive for investors. Many buyers shifted to more affordable outer suburbs and regional areas. While new housing supply increased, demand still outpaced it. In summary, the overall market was steady, with localised price shifts and ongoing investor interest.”- Nello Noto, State Director
Median House Price: $886,540
Annual Change in 2024: 12.1% increase
Top 5 Areas: Kingston, Ipswich Hinterland, Nundah, Loganlea – Carbrook, & Ipswich Inner.
This represents a significant increase from the previous year, with Brisbane experiencing a 65.1% rise in property values since the onset of the COVID-19 pandemic.
“The Brisbane residential property market experienced strong price growth in 2024, driven by interstate migration and relatively affordable prices compared to southern capital city markets. The market continues to be underpinned by low supply levels in most market segments. Similarly, the rental market is highly competitive, with rising rents due to historically low vacancy rates and high demand”- Matthew Jobson, State Director
Median House Price: $813,716.
Annual Change in 2024: 5.3% increase
Top 5 Areas: Playford, Salisbury, Holdfast Bay, Gawler-Two Wells & West Torrens
While the broader national market experienced some fluctuations, South Australia saw consistent price appreciation, supported by factors like low established property stock availability, continued interest from interstate buyers, and a solid rental market. These trends reflect the state's stable and gradually strengthening position within the Australian property landscape.
“In 2024, Adelaide’s property market remained strong with mo derate price growth and continued demand, especially in desirable suburbs. It was one of the more affordable capital cities, attracting both local and interstate buyers. While higher interest rates affected the market, the impact was less severe than in larger cities. The rental market remained tight, driving investor interest, and interstate migration continued to support demand. New-build housing supply grew steadily, keeping the market balanced.”- Nello Noto, State Director.
Median House Price: $645,000
Annual Change in 2024: 2.06% decrease
Top 5 Areas: Sorrell – Dodges Ferry, Hobart – North West, Hobart – North East, Brighton & Hobart – South and West.
This decline marks the first in 27 months, indicating a potential market correction following significant growth during and prior to the pandemic.
Despite this downturn, Hobart's median house price remains substantially higher than pre-pandemic levels, having increased by 34.2% since March 2020.
In contrast, regions such as Tasmania's West and North West, along with Launceston, are experiencing rising property prices, suggesting a divergence in market trends within the state.
“In 2024, Hobart's property market stabilised, with price growth slowing after a period of rapid increases. While still more affordable than larger cities, rising prices have made it harder for first-time buyers to enter the market. The rental market remained tight, with low vacancy rates and rising rents, attracting investors. Interstate migration supported demand, but limited new housing supply kept the market competitive.”- Nello Noto, State Director.
Median House Price: $808,090
Annual Change in 2024: 21.0% increase
Top 5 Areas: Swan, Mundaring, Wanneroo, Cockburn & Kwinana.
This substantial rise underscores Perth's position as the leading capital city in Australia for property value appreciation in 2024.
Additionally, Perth recorded the highest annual growth rate in house rents at 8.7%, reflecting strong demand in the rental market.
“Perth’s residential market had a strong year in 2024, with positive migration, low supply and high sales volumes driving values higher. Price increases were particularly evident in the low to middle tier of the market, and while properties at the higher end performed well, this segment of the market became more subdued as the year progressed.
Rental demand also surged in a competitive market with tight vacancy rate. Perth remains an attractive option for owner occupiers and investors given the relative affordability in comparison to other major capitals ”-Ryan Sargent, State Director.
Median House Price: $496,860
Annual Change in 2024: 0.9% increase
Top Areas: Palmerston, Litchfield, Darwin Suburbs & Darwin City.
Despite only a marginal increase, Darwin's property market was underpinned by a surge in investor activity, with a notable shift from predominantly owner-occupiers to a more balanced mix of owner-occupiers and investors.
“Darwin’s property market was stable in 2024, supported by increased activity in the resources sector, increased government infrastructure and Defence related investment, and increased migration into the Northern Territory. Price growth was gradual, with interest concentrated in well located, established suburbs.
Toward the end of 2024, Darwin experienced an influx of interstate buyers due to strong yields, which further assisted a modest recovery. The rental market showed stronger gains, with limited stock pushing up rents.” - Ryan Sargent, State Director.
Median House Price: $851,731
Annual Change in 2024: 0.1% decrease
Top 5 Areas: Tuggeranong, Molonglo, North Canberra, Belconnen & Woden Valley.
“Canberra’s residential market remained soft throughout 2024, with an increase of supply and moderate demand due to cost of living.
Vacant land prices and the cost of construction has slowed the sale of land in greenfield areas. Good dwellings continue to sell well however homes that require work or are poorly presented are being discounted by potential buyers.
The unit market has been relatively static with longer selling periods on this product due to competition in the marketplace. Strong employment both privately and publicly are underpinning the market.” - Jim Brennan, Director.
Overall, Australian house prices recorded a slight decline of 0.17% in December 2024, marking the first decrease in two years. Despite this monthly dip, prices remained 4.73% higher than the previous year.
Additionally, during the peak spring selling season, Australian home prices reached a new record high, with the combined capital cities experiencing a 5.85% increase over the past year.
Curious about how your property fits into these trends? Stay ahead of the market with our free My Property Estimate tool. Find out where your property value sits and make informed decisions for the future.
George Garagounis | AAPI CPV
State Director
george.garagounis@opteonsolutions.com
State Director
nello.noto@opteonsolutions.com
Ryan Sargant | AAPI CPV, BCom (Property)
State Director - Residential
ryan.sargent@opteonsolutions.com
Director
jim.brennan@opteonsolutions.com
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Data sourced from RP Data Corelogic Market Trends report, dated 02/12/2024 |