Price movements
The Australian property market is displaying characteristic end-of-spring moderation as it transitions into the holiday period. While growth continues, the pace has tempered considerably, with house prices increasing by 0.4 per cent and unit values up by 0.3 per cent over the month.
The approach to Christmas has brought its traditional impact on market momentum, evidenced by declining listing volumes and diminishing buyer urgency. This seasonal slowdown coincides with broader market dynamics, including improved inflation figures that have reinforced expectations of potential interest rate relief, though this is not anticipated until mid-2025.
Looking at the broader picture, the market's annual performance demonstrates sustained strength despite recent moderation. House prices have achieved a robust 7.7 per cent appreciation over the past 12 months, pushing the national average to $898,745. The unit market, while experiencing more modest growth, has recorded a healthy 5.8 per cent annual increase, with the national mean now reaching $669,271.
The Australian property market is displaying characteristic end-of-spring moderation as it transitions into the holiday period. While growth continues, the pace has tempered considerably, with house prices increasing by 0.4 per cent and unit values up by 0.3 per cent over the month.
The approach to Christmas has brought its traditional impact on market momentum, evidenced by declining listing volumes and diminishing buyer urgency. This seasonal slowdown coincides with broader market dynamics, including improved inflation figures that have reinforced expectations of potential interest rate relief, though this is not anticipated until mid-2025.
Looking at the broader picture, the market's annual performance demonstrates sustained strength despite recent moderation. House prices have achieved a robust 7.7 per cent appreciation over the past 12 months, pushing the national average to $898,745. The unit market, while experiencing more modest growth, has recorded a healthy 5.8 per cent annual increase, with the national mean now reaching $669,271.
House prices across Australian regions have maintained their upward trajectory this month, though with notable variations across markets. Sydney, the nation's largest property market, has reached a temporary plateau with its mean price holding steady at $1,584,491. While showing no monthly movement, its annual growth of 5.2 per cent now trails the national average, signaling a shift in market dynamics.
Perth continues its remarkable performance, leading both monthly and annual growth metrics. With a monthly gain of 0.7 per cent contributing to an exceptional annual appreciation of 20.9 per cent, Perth's market remains the nation's strongest performer. Adelaide and Brisbane are maintaining strong momentum, each recording 0.6 per cent monthly increases. These historically more affordable markets continue to set new price benchmarks, with Perth reaching $885,117 and Adelaide achieving $879,232.
New to our Ray White Now report, the Gold Coast has emerged as a major player, surpassing both Canberra and Melbourne with a mean price of $1,188,912, representing a solid 7.6 per cent annual increase. This milestone reflects the growing prominence of this coastal market in Queensland’s property landscape.
The final weeks of spring reveal continued variation in unit market performance across Australia's major cities, reflecting similar patterns to the housing sector. In the key markets, Sydney and Melbourne have shown limited momentum, recording marginal gains to reach $884,225 and $625,009 respectively.
Perth's unit market continues its remarkable run, leading both monthly and annual growth metrics. A robust monthly gain of one per cent has contributed to an impressive annual appreciation of 19.9 per cent, bringing the average unit price to $576,518. Strong performance is also evident in Adelaide and Brisbane, both posting 0.7 per cent monthly increases. Their annual growth rates approaching 15 per cent significantly exceed the major city average of 5.8 per cent.
The Gold Coast continues to assert itself as a premium unit market, advancing 0.5 per cent to reach $864,225, maintaining its position as the second-highest priced unit market after Sydney. Meanwhile, the smaller capital city markets of Canberra and Darwin are demonstrating greater resilience than Melbourne, where market conditions remain subdued.
The final weeks of spring reveal continued variation in unit market performance across Australia's major cities, reflecting similar patterns to the housing sector. In the key markets, Sydney and Melbourne have shown limited momentum, recording marginal gains to reach $884,225 and $625,009 respectively.
Perth's unit market continues its remarkable run, leading both monthly and annual growth metrics. A robust monthly gain of one per cent has contributed to an impressive annual appreciation of 19.9 per cent, bringing the average unit price to $576,518. Strong performance is also evident in Adelaide and Brisbane, both posting 0.7 per cent monthly increases. Their annual growth rates approaching 15 per cent significantly exceed the major city average of 5.8 per cent.
The Gold Coast continues to assert itself as a premium unit market, advancing 0.5 per cent to reach $864,225, maintaining its position as the second-highest priced unit market after Sydney. Meanwhile, the smaller capital city markets of Canberra and Darwin are demonstrating greater resilience than Melbourne, where market conditions remain subdued.
Regional housing markets have once again demonstrated stronger performance than their metropolitan counterparts, recording an overall monthly gain of 0.5 per cent, highlighting their continued appeal as a more affordable housing option. Regional South Australia has emerged as this month’s standout performer with a 0.9 per cent increase, while regional Western Australia and Queensland maintain strong momentum, each posting 0.6 per cent monthly gains. These regions, benefitting from their relative affordability compared to capital cities, have contributed significantly to annual growth rates that considerably surpass the national regional average of seven per cent.
Regional New South Wales retains its position as the country’s most expensive regional market with a mean price of $737,406, despite recording a modest 0.3 per cent monthly increase and annual growth of 4.1 per cent. Regional Victoria shows similar moderation, achieving a 0.4 per cent monthly gain, resulting in an annual appreciation of 0.9 per cent.
As these markets move into the summer period, coastal areas across New South Wales, Victoria, and Queensland typically experience heightened activity. This seasonal pattern often brings increased interest to beachside locations, potentially offsetting the broader market moderation seen in some regions. This cyclical uplift in coastal markets provides an interesting counterpoint to the varying growth patterns observed across different regional areas.
The regional unit sector continues to demonstrate strong performance, outperforming regional houses this period, recording an average monthly gain of 0.6 per cent across the country, with an annual appreciation of eight per cent.
South Australia’s regional unit market leads the monthly gains with a one per cent increase, bringing the mean price to $286,261. This represents a substantial year on year growth of 15.6 per cent. Regional Western Australia follows closely with a 0.8 per cent monthly rise and maintains the strongest yearly growth at 16.5 per cent.
Queensland’s regional unit market has shown positive momentum with a 0.7 per cent monthly increase and an 11.8 per cent annual growth rate. The average price now eclipsing $600,000 positions it just below regional New South Wales, where units average $610,017 despite a more modest year on year growth of 3.2 per cent.
Regional Victoria and the Northern Territory have recorded monthly improvements of 0.5 per cent and 0.1 per cent respectively. However, both regions show more conservative annual growth, with Victoria up 1.8 per cent and the Northern Territory registering just 0.9 per cent compared to last year.
