Key takeaways
National capital city median house prices rose by 0.6% over the November quarter, reaching $1,163,921.
Home prices have increased in 21 of the past 22 months, up 7.1% over the year and 15.1% over two years.
Unit prices increased 0.2% nationally to $663,202, marking the second consecutive month of growth. Top annual performers were Brisbane (+26.3%), Perth (+24.7%), and Adelaide (+20.2%).
Housing markets, particularly in Perth, Brisbane, and Adelaide, are set to remain strong drivers of growth. Sydney will maintain steady growth, while Melbourne struggles to regain momentum. Economic stability and easing interest rate pressures will continue to support the market, with a rate cut unlikely until 2026.
National home prices have continued to rise over November with 2024 clearly set to produce another positive year for capital city housing markets generally.
The national capital city median house price increased by 0.6% to $1,163,921 over the November quarter compared to the October quarter results, according to the latest data from My Housing Market.
The national quarterly house price has now increased over 21 of the past 22 months, has risen by 7.1% over the year ending November 2024 and is higher by 15.1% over the past two years.
Darwin and Canberra were the top capital city performers over the quarter with prices higher by 1.7% followed by Perth up 1.3%, Brisbane higher by 1.0%, Sydney up by 0.7% and Adelaide increased 0.4%.
Quarterly house prices however fell again in Melbourne down marginally by 0.1% with Hobart falling 1.4%.
House prices have increased significantly in a number of capitals over the year ending the November quarter of 2024 with Perth still clearly the top performer up by 24.4% followed by Brisbane up 15.4%, Adelaide higher by 14.8% and Sydney up 5.3%.
Canberra annual house prices increased by 0.2% with Darwin steady but Melbourne and Hobart falling by 1.2% and 2.1% respectively over the year.
| Quarterly Median House Prices November 2024 | |||||
| Median | Month | This Year | 1 Year | 2 Year | |
| Sydney | $1,652,939 | 0.7% | 5.5% | 5.3% | 15.2% |
| Melbourne | $1,051,115 | -0.1% | -0.9% | -1.2% | 2.0% |
| Brisbane | $1,004,365 | 1.0% | 13.3% | 15.4% | 25.9% |
| Adelaide | $978,999 | 0.4% | 14.0% | 14.8% | 27.4% |
| Perth | $962,869 | 1.3% | 21.9% | 24.4% | 41.7% |
| Hobart | $678,835 | -1.4% | 0.2% | -2.1% | -6.9% |
| Darwin | $642,594 | 1.7% | 1.5% | 0.0% | 0.0% |
| Canberra | $966,189 | 1.7% | 1.3% | 0.2% | -2.2% |
| National | $1,163,921 | 0.6% | 6.8% | 7.1% | 15.1% |
National unit prices
Quarterly national unit prices increased for the second consecutive month over November, rising by 0.2% to $663,202.
The national unit price remains 5.7% higher than the November quarter 2023 result.
Brisbane was the top performer over November with unit prices rising by 2.2% followed by Adelaide and Hobart each up 0.4%, Sydney higher by 0.2%, Canberra up 0.1% and Darwin steady over the quarter compared to the October quarter result.
Melbourne and Perth unit prices however fell by 0.3% and 1.1% respectively.
| Quarterly Median Unit Prices November 2024 | |||||
| Median | Month | This Year | 1 Year | 2 Year | |
| Sydney | $778,465 | 0.2% | 4.2% | 4.1% | 9.2% |
| Melbourne | $565,471 | -0.3% | -0.8% | -1.0% | 1.2% |
| Brisbane | $573,074 | 2.2% | 25.7% | 26.3% | 42.4% |
| Adelaide | $525,780 | 0.4% | 15.0% | 20.2% | 35.6% |
| Perth | $508,107 | -1.1% | 23.1% | 24.7% | 38.0% |
| Hobart | $494,483 | 0.4% | -2.1% | -6.0% | -10.1% |
| Darwin | $354,518 | 0.0% | 0.1% | 0.3% | -5.7% |
| Canberra | $498,300 | 0.1% | -2.6% | -4.8% | -0.8% |
| National | $663,202 | 0.2% | 5.7% | 5.7% | 11.1% |
Brisbane, Perth and Adelaide continue to record clearly the highest annual unit price growth to November 2024, up by 26.3%, 24.7% and 20.2% respectively.
Sydney annual unit prices are now higher by 4.1% with Darwin up 0.3%.
- Also read:The 8 Best Property Investment Strategies in Australia
- Also read:Adelaide housing market update | December 2024
- Also read:Perth housing market update | December 2024
- Also read:Sydney housing market update | December 2024
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Melbourne, Canberra and Hobart however have recorded annual unit price decreases - down 1.0%, 4.8% and 6.0% respectively.
Comment
Capital city housing markets produced generally positive results again over the November quarter with most capitals reporting price rises for both houses and units.
Brisbane, Adelaide and Perth however remain clearly the top performers with each reporting remarkable growth in home prices over the past year.
Sydney continues to record solid increases for both house and unit prices, with Melbourne remaining a clear underperformer compared to the other major capitals.
Although Darwin and Canberra reported price rises over November, annual price growth remains subdued with monthly falls for Hobart following previous signs of revival and remains the underperformer for annual price changes for both houses and units.
The late-spring housing market overall continues to attract buyers and sellers in solid numbers with relatively high seasonal auction sales still reported in most capitals over November.
Lower auction clearance rates however reflect typical end-of-season outcomes with fewer buyers reflecting satisfied spring demand, with auction numbers remaining elevated compared to the same period last year.
National home prices are set to conclude 2024 on the rise driven particularly by the boom-time markets of Brisbane, Adelaide and Perth.
Sydney will continue to report solid results with higher-priced regions concluding the year on the rise.
The Melbourne market however remains in the doldrums with inner-suburban prestige markets continuing as clear local regional underperformers.
Underlying drivers will continue to support housing market activity with the spectre of higher interest rates easing with recent headline inflation falling sharply although underlying inflation remains well above the RBA target range - and a rate cut remains a 2026 prospect according to the Bank.
The national economy however is still strong with relatively low jobless rates and surging jobs growth driving solid wage increases.
Continuing high migration over the shorter term will add to current chronic housing undersupply supporting high rents and low vacancy rates in capital city rental markets - although early signs of rising rental supply and reduced tenant demand are now emerging.
High rents and higher prices generally however are providing clear incentives for first-home buyers and particularly investors chasing solid investment returns.
Capital city housing markets overall have continued to report positive price results over the November quarter compared to the October quarter data.
National home prices are set to record growth over 2024 similar to that of 2023 - and clearly driven by ongoing strong results from Perth, Brisbane and Adelaide
