National home values are steadily increasing, reflecting a healthy shift in the real estate market as the pace of rapid growth decelerates. This trend suggests the market is maturing, with prices stabilising at more sustainable levels, driven by a balance between supply, demand, and broader economic conditions.
The gradual rise in home values signals a healthy correction, promoting stability and resilience within the housing sector.
Home Values continued to rise over the September 2024 quarter
In the first month of spring, Australian dwelling values rose by a modest 0.4%, in line with July and August increases.
National housing values grew 1.0% in the September quarter, the lowest rise since March 2023. Four capital cities, including Melbourne (-1.1%), saw declines, while Sydney's growth slowed to 0.5%. Mid-sized capitals like Perth (+4.7%), Adelaide (+4.0%), and Brisbane (+2.7%) also saw slower growth.
Regional growth also slowed, particularly in Western Australia, South Australia, and Queensland.
Overall, home values continue to rise in 2024 and have grown 6.7% nationally.
Location | Dwelling Value | Annual Growth |
Sydney | $1,188,912 | 4.5% |
Melbourne | $777,390 | -1.4% |
Brisbane | $881,091 | 14.5% |
Adelaide | $802,075 | 14.8% |
Perth | $797,184 | 24.1% |
Hobart | $654,302 | -1.1% |
Darwin | $492,332 | 2.0% |
Canberra | $844,882 | 0.7% |
Combined Capitals | $891,639 | 6.7% |
Combined Regionals | $640,243 | 6.7% |
National | $807,110 | 6.7% |
Source: CoreLogic Hedonic Home Value Index - September 2024
Spring Selling Season in Full Swing
The slowdown in growth coincides with more homeowners listing properties, with new listings up 3.2% year-on-year and 8.8% above the five-year average for this time of year. This seasonal rise is typical for spring, but the number of new listings is the highest since 2021.
Affordable Markets Continue to Outperform
Affordability constraints favour lower-priced markets. In the combined capitals, lower quartile dwelling values have surged by 12.4% over the past twelve months, while upper quartile values have experienced a more modest increase of 3.8%.
If you would like to know more about how we can help you build a property portfolio give us a call on 0423 344 286 or email us at hello@mindsetproperty.com.au, or simply connect with our Director Peter Theodorou.
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Note: This is general advice and does not take into consideration your objectives, situations or needs. Please consider if this advice is suitable for you and your circumstances and speak to a professional before making any financial decisions.
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