Price movements
Australian house and unit prices continue their upward trend this month, albeit at a slower pace. Both housing types saw a modest 0.2 per cent appreciation. However, the market is exhibiting greater diversity across states and regions, reflecting varying local economic conditions.
July’s CPI results indicate a continued downward trend, approaching the target two to three per cent band, suggesting potential interest rate reductions in 2025. This has boosted optimism and is expected to lead to a busy spring sales period, with preliminary listing authorities showing a sizeable increase.
Over the past year, house prices have risen by 8.6 per cent, bringing the national mean to $890,178. Similarly, unit prices have increased by 6.7 per cent annually, reaching a nationwide mean of $664,466.
Australian house and unit prices continue their upward trend this month, albeit at a slower pace. Both housing types saw a modest 0.2 per cent appreciation. However, the market is exhibiting greater diversity across states and regions, reflecting varying local economic conditions.
July’s CPI results indicate a continued downward trend, approaching the target two to three per cent band, suggesting potential interest rate reductions in 2025. This has boosted optimism and is expected to lead to a busy spring sales period, with preliminary listing authorities showing a sizeable increase.
Over the past year, house prices have risen by 8.6 per cent, bringing the national mean to $890,178. Similarly, unit prices have increased by 6.7 per cent annually, reaching a nationwide mean of $664,466.
This past month saw varied price growth across Australian markets, further widening the value gap nationwide. Melbourne continues to struggle, hampered by taxation and government uncertainties, dropping 0.1 per cent this month and recording a mere 1.7 per cent annual improvement, the country’s lowest. Sydney’s market has also cooled, with median prices falling 0.1 per cent monthly, though annual growth remains at 6.1 per cent in Australia’s most expensive city.
Perth maintains its strong performance, leading with a 0.9 per cent monthly increase and 24.6 per cent annual growth, reaching a mean of $864,989. Brisbane, benefitting from similar factors as Perth (limited new supply and continued population growth) has moderated from its rapid increases, rising 0.3 per cent this month to $980,741. Adelaide’s results mirror Brisbane’s, growing 0.2 per cent monthly or 13.6 per cent annually, bringing house prices to $854,659.
This month, all unit markets showed price increases, reflecting the affordability of this housing option, after previous volatility. Perth leads the way, mirroring the housing sector with one per cent monthly growth and over 20 per cent annual increase, reaching $553,822. Adelaide continues its strong performance with a 15.9 per cent yearly increase, or 0.4 per cent monthly growth, matching Brisbane and Darwin’s monthly growth rates.
Sydney, Canberra, and Melbourne experienced minimal changes, albeit upward, each recording just a 0.1 per cent uplift. Melbourne’s market continues to see investor exodus, leading to increased listings and potential short-term price moderation. It grew only 1.6 per cent over the year to $633,107, falling below the national average. Sydney remains the most expensive market at $886,394, up 4.4 per cent annually, followed by Canberra at $629,705.
This month, all unit markets showed price increases, reflecting the affordability of this housing option, after previous volatility. Perth leads the way, mirroring the housing sector with one per cent monthly growth and over 20 per cent annual increase, reaching $553,822. Adelaide continues its strong performance with a 15.9 per cent yearly increase, or 0.4 per cent monthly growth, matching Brisbane and Darwin’s monthly growth rates.
Sydney, Canberra, and Melbourne experienced minimal changes, albeit upward, each recording just a 0.1 per cent uplift. Melbourne’s market continues to see investor exodus, leading to increased listings and potential short-term price moderation. It grew only 1.6 per cent over the year to $633,107, falling below the national average. Sydney remains the most expensive market at $886,394, up 4.4 per cent annually, followed by Canberra at $629,705.
Regional property markets across Australia are displaying greater uniformity in results this period. House values in these areas have appreciated by 7.2 per cent year-on-year, though still trailing the national average of 8.6 per cent. Regional Western Australia continues to lead, albeit with signs of deceleration, posting a 0.8 per cent monthly gain to reach $497,499, and boasting the highest annual growth at 16 per cent. Close behind are Queensland and South Australia, with yearly increases of 13.9 per cent and 13.5 per cent respectively. Both maintained their upward trend, rising 0.5 per cent this month to $694,950 for Queensland and $431,780 in South Australia.
Regional Victoria remained static this month, with a minimal 0.2 per cent annual increase. Northern Territory showed comparable performance, with a 0.3 per cent yearly gain. Regional New South Wales sits between the top and bottom performers, recording a 0.1 per cent monthly change and a modest 3.7 per cent annual growth.
This period, regional unit markets have outpaced regional housing performance, as the trend towards affordability persists. Regional Western Australia, South Australia, and Queensland remain at the forefront of growth, with monthly increases of 0.7 per cent, 0.6 per cent, and 0.5 per cent respectively. Western Australia has solidified its leading position in annual growth at 14.6 per cent, with South Australia following at 13.2 per cent. These two markets continue to attract buyers due to their comparatively accessible price points.
Victoria and New South Wales markets have seen minimal growth, each rising just 0.1 per cent this month. While New South Wales regional units maintain the highest median at $609,005, Queensland is narrowing the gap at $588,906. Regional Northern Territory has shown the weakest annual performance with a 0.9 per cent increase, despite a 0.2 per cent monthly uptick.
