Tuesday, October 15, 2024

The Latest Australian Housing Market Stats

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Key takeaways

The national capital city median house price increased by 0.4% over the August quarter compared to the July quarter, and is now higher by 7.8% over the year ending August 2024.

National unit prices rose by 0.4% over August following the fall reported over the previous month. Hobart was the top monthly performer up by 4.4% followed by Perth higher by 1.5%, Adelaide up 1.4% and Sydney and Brisbane each higher by 0.4%.

Capital city housing markets produced generally positive results over August for both houses and units, with Perth, Adelaide and Brisbane remaining runaway leaders for price growth with no real signs of easing. Melbourne and Sydney have slowed through winter following recent solid to moderate growth, with Hobart, Darwin and Canberra remaining clear underperformers.

Underlying drivers will continue to support housing market activity with low jobless rates and surging jobs growth driving near-record wage increases. High rents and low vacancy rates in capital city rental markets will exacerbate current chronic housing undersupply.

National home prices were higher over August with both houses and units reporting growth although the fragmentation of capital city results remains pronounced.

The national capital city median house price increased by 0.4% to $1,147,015 over the August quarter compared to the July quarter, according to the latest data from My Housing Market.

The national quarterly house price has now increased over 18 of the past 19 months and has risen by 7.8% over the year ending August 2024, and is higher by 12.0% over the past two years.

National Quarterly Median House PriceNational Quarterly Median House Price

Perth was the top capital city performer over the quarter with prices higher by 1.7% followed by Adelaide up 1.5%, Brisbane higher by 1.1% and Sydney rising by 0.2%.

Prices however were lower in the other capitals with Melbourne down 0.3%, Hobart lower by 1.0%, Canberra down 1.8% and Darwin falling by 2.7% over the month.

House prices in a number of capitals remain sharply higher over the year ending the August quarter of 2024 with Perth still clearly the top performer up strongly by 27.4% followed by Adelaide up 17.9%, Brisbane higher by 16.3% and Sydney up 6.2%.

Hobart annual house prices however are lower by 0.3% followed by Melbourne down 1.4%, Canberra lower by 2.7% and Darwin down 6.2%.

Median House Prices August 2024

Median Month This Year 1 Year 2 Year
Sydney $1,632,255 0.2% 4.3% 6.2% 11.0%
Melbourne $1,049,684 -0.3% -0.8% -1.4% 1.1%
Brisbane $977,909 1.1% 10.8% 16.3% 19.6%
Adelaide $965,485 1.5% 13.3% 17.9% 26.5%
Perth $929,606 1.7% 17.0% 27.4% 37.3%
Hobart $664,532 -1.0% -1.0% -0.3% -10.1%
Darwin $614,315 -2.7% 0.7% -6.2% -3.3%
Canberra $943,240 -1.8% 0.1% -2.7% -3.0%
National $1,147,015 0.4% 5.5% 7.8% 12.0%

Median Unit Prices August 2024

National unit prices bounced back over August following the fall reported over the previous month, rising by 0.4% to $657,968.

The national unit price is now 6.3% higher than the August quarter 2023 result.

National Quarterly Median Unit PriceNational Quarterly Median Unit Price

Most capital cities reported higher unit prices over August with the exception of Melbourne down 0.1% compared to the July quarter, Canberra falling 0.3% and Darwin down 1.3%.

Hobart was the top monthly performer up by 4.4% followed by Perth higher by 1.5%, Adelaide up 1.4% and Sydney and Brisbane each higher by 0.4%.

Median Month This Year 1 Year 2 Year
Sydney $775,406 0.4% 3.9% 4.4% 6.7%
Melbourne $564,537 -0.1% -1.6% 0.9% 0.1%
Brisbane $549,549 0.4% 19.4% 24.7% 39.1%
Adelaide $515,121 1.4% 11.2% 19.3% 38.8%
Perth $494,580 1.5% 19.9% 28.6% 33.1%
Hobart $533,299 4.4% 5.6% 1.0% -0.6%
Darwin $360,518 -1.3% 12.7% -1.9% -1.8%
Canberra $501,930 -0.3% -0.2% -1.3% -2.3%
National $657,968 0.4% 4.7% 6.3% 9.0%

Perth, Brisbane and Adelaide continue to record clearly the highest annual unit price growth to August 2024, up by 28.6%, 24.7% and 19.3% respectively.

Sydney annual unit prices are now higher by 4.4% with Hobart rising 1.0% and Melbourne up by 0.9%.



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