Key takeaways
Domain report that house prices rose for the sixth consecutive quarter and a fifth for units – to hit another record.
Sydney, Brisbane, Adelaide and Perth house prices are at record highs.
The pace of quarterly house price growth remains consistent with the previous quarter but has slowed compared to the 2023 quarterly gains.
The slowdown is more pronounced for units, which grew at a rate more than four times slower than the previous quarter, marking the weakest outcome since early 2023.
It has led to a slowdown in annual gains for the first time this growth cycle for both combined capital house and unit prices.
If you want to understand what's happening in our housing markets around Australia Domain have just released their latest house price report.
Combined capital house and unit prices experienced another quarter of gains, marking the sixth consecutive rise for houses and the fifth for units, and reaching new records.
Here's a summary of the Domain report, and below are all the details you'll need to know.
Combined capitals
- House prices rose for the sixth consecutive quarter and a fifth for units – to hit another record.
- The pace of quarterly house price growth remains consistent with the previous quarter but has slowed compared to the 2023 quarterly gains.
- The slowdown is more pronounced for units, which grew at a rate more than four times slower than the previous quarter, marking the weakest outcome since early 2023.
- It has led to a slowdown in annual gains for the first time this growth cycle for both combined capital house and unit prices.
City insights | Houses
- Sydney, Brisbane, Adelaide and Perth house prices are at record highs.
- Sydney and Adelaide, the pace of quarterly house price gains roughly halved compared to the previous quarter, while Hobart declined and Darwin flatlined.
- Melbourne, Brisbane, Canberra and Perth saw an acceleration in the pace of annual and quarterly house price growth compared to the previous quarter.
- Perth and Brisbane rose about 1.5 times faster than the previous quarter and double that of the same time the year prior. This acceleration has pushed Perth’s annual gains to a 17-year high (at 23.8%) and a two-year high for Brisbane (at 16.9%).
- Melbourne and Canberra, two cities that have struggled to move into an established recovery, have seen an improvement. Melbourne house prices recorded the strongest quarterly gain in 2.5 years, and Canberra posted a positive quarterly gain to nudge annual changes back into positive territory for the first time in almost two years.
- For the first time, Perth house prices surpassed $800,000. They have risen by $448 per day over the past year, marking the steepest rise in the city’s history.
- Sydney (109%) and Melbourne (92%) are the only capital cities with a record price gap between property types – where a house is about twice the price of a unit.
City insights | Units
- Brisbane, Adelaide and Perth are the only cities with record-high unit prices.
- All capital cities saw a deceleration in quarterly unit price movement except Adelaide and Canberra.
- It was the first time in 1.5 years that Sydney unit prices had fallen over a quarter, while units in Melbourne and Darwin recorded the steepest quarterly fall since March 2023.
- Unit prices outperformed house prices in Adelaide, Perth and Canberra over the June quarter.
- For the first time, Adelaide unit prices surpassed $500,000.
- It is the longest continuous stretch of growth for Brisbane unit prices since 2005-08 (of 11 quarters). Additionally, they have risen by $249 per day over the past year, marking the second steepest rise in the city’s history.
- Adelaide unit prices have risen by $182 per day over the past year, marking the second steepest rise in the city’s history.
- Perth’s unit prices soared to a new high after a 17-year-high annual gain (25.5%).
National overview
Domain reports that combined capital house and unit prices experienced another quarter of gains, marking the sixth consecutive rise for houses and the fifth for units, and reaching new records.
Despite the rise, the pace of quarterly house price growth remains consistent with the previous quarter but has slowed compared to the 2023 quarterly gains.
The slowdown is more pronounced for units, which grew at a rate more than four times slower than the previous quarter, marking the weakest outcome since early 2023.
It has led to a slowdown in annual gains for the first time this growth cycle for both combined capital house and unit prices.
For house prices in Sydney and Adelaide, the pace of quarterly house price gains roughly halved compared to the previous quarter, while Hobart declined and Darwin flatlined.
House prices in all other cities saw an acceleration in gains.
For units, the loss of growth momentum was evident in all cities except Adelaide and Canberra.
In fact, it was the first time in 1.5 years that Sydney unit prices had fallen over a quarter, while units in Melbourne and Darwin recorded the steepest quarterly fall since March 2023.
In contrast, some cities have seen an acceleration in growth rates.
Perth and Brisbane continue to be standouts, with house prices rising about 1.5 times faster than the previous quarter and double that of the same time the year prior.
This acceleration has pushed Perth’s annual gains to a 17-year high (at 23.8%) and a two-year high for Brisbane (at 16.9%).
In fact, Perth house prices have risen by $448 per day over the past year, marking the steepest rise in the city’s history.
In Brisbane, house prices are on track to surpass $1 million over the next quarter; it would only take another $24,000 (or 2.4%) increase for this milestone to be achieved.
Melbourne and Canberra, two cities that have struggled to move into an established recovery, have seen an improvement.
Melbourne house prices recorded the strongest quarterly gain in 2.5 years, and Canberra houses posted a positive quarterly gain to nudge annual changes back into positive territory for the first time in almost two years.
The differing city growth trends can be explained by the varied supply and affordability constraints that shape each property market.
The deceleration has been underpinned by a growing choice of homes on the market, 7% higher annually across the combined capitals.
Underlying this has been a 9% increase in new listings which can be an indication of restored vendor confidence that typically follows the cementing of a market recovery and sustained price rises.
However, stretched affordability is increasing the time it takes to sell across some cities as buyers become more cautious in their search for their ideal property.
It remains to be seen if the stage 3 tax cuts and cost-of-living relief measures from the budget will have alleviated some financial pressures.
Relief is urgently needed as mortgage arrears have begun rising (although remain low) and distressed sales have consistently shrunk.
The housing market continues to defy all expectations, growing despite low consumer sentiment, stretched affordability from cost-of-living pressures, and high interest rates.
Supply remains constrained overall, weighed against a surge in demand from strong population growth and a tight rental market contributing to the market's buoyancy.
Demand is also being sustained by rising investor activity which may inevitably shift focus to units.
It is likely that current demand is being propped up both by existing leverage from the property market and the bank of mum and dad – factors likely to become stronger due to persistent price growth.
Given that building approvals across the country have largely been on a declining trend since 2021 – an indicator of constrained supply – the price growth trend is unlikely to reverse itself.
However, the longer the cash rate stays higher and inflation elevated, the odds for a softer price growth remain.
The current median house price and changes
| Capital City | Jun-24 | Mar-24 | Jun-23 | Quarterly change |
Annual change |
Price peak achieved |
Price from peak |
|---|---|---|---|---|---|---|---|
| Sydney | $1,662,448 | $1,641,333 | $1,542,688 | 1.3% | 7.8% | Jun-24 | 0.0% |
| Melbourne | $1,068,805 | $1,050,950 | $1,032,096 | 1.7% | 3.6% | Dec-21 | -2.3% |
| Brisbane | $976,464 | $938,856 | $835,654 | 4.0% | 16.9% | Jun-24 | 0.0% |
| Adelaide | $929,972 | $906,352 | $801,691 | 2.6% | 16.0% | Jun-24 | 0.0% |
| Canberra | $1,041,432 | $1,032,753 | $1,033,066 | 0.8% | 0.8% | Jun-22 | -11.2% |
| Perth | $852,240 | $799,804 | $688,250 | 6.6% | 23.8% | Jun-24 | 0.0% |
| Hobart | $686,053 | $693,537 | $701,993 | -1.1% | -2.3% | Mar-22 | -10.0% |
| Darwin | $585,047 | $584,472 | $648,274 | 0.1% | -9.8% | Dec-13 | -13.8% |
| Combined capitals | $1,154,394 | $1,127,516 | $1,052,530 | 2.4% | 9.7% | Jun-24 | 0.0% |
The current median unit price and changes
| CapitalCity | Jun-24 | Mar-24 | Jun-23 | Quarterly change |
Annual change |
Price peak achieved |
Price frompeak |
|---|---|---|---|---|---|---|---|
| Sydney | $797,212 | $802,239 | $775,852 | -0.6% | 2.8% | Dec-21 | -1.7% |
| Melbourne | $555,461 | $564,906 | $556,359 | -1.7% | -0.2% | Dec-21 | -7.8% |
| Brisbane | $579,823 | $562,080 | $488,520 | 3.2% | 18.7% | Jun-24 | 0.0% |
| Adelaide | $511,039 | $486,509 | $444,337 | 5.0% | 15.0% | Jun-24 | 0.0% |
| Canberra | $595,951 | $585,532 | $599,797 | 1.8% | -0.6% | Sep-23 | -5.5% |
| Perth | $466,720 | $433,040 | $371,848 | 7.8% | 25.5% | Jun-24 | 0.0% |
| Hobart | $538,662 | $538,662 | $548,850 | 0.0% | -1.9% | Sep-22 | -5.2% |
| Darwin | $342,886 | $355,131 | $352,149 | -3.4% | -2.6% | Mar-16 | -29.5% |
| Combined capitals | $646,486 | $644,378 | $614,802 | 0.3% | 5.2% | Jun-24 | 0.0% |
Sydney property market
House price gains halved, and unit prices fell for the first time in 1.5 years.
Domain reports that Sydney house prices have risen for the sixth consecutive quarter, gaining about $21,000 (or 1.3%) over the June quarter to reach a record high of $1.66 million.
Despite the rise, the pace of quarterly growth has more than halved compared to both the previous quarter and the historic average quarterly growth rate of 2.9%.
Annual gains have also lost momentum for the first time this growth cycle, now at the lowest rate of increase since September 2023. While price gains are decelerating rapidly, house prices have increased by $220,000 (or 15.2%) since the December 2022 price trough.
Sydney’s unit price recovery backtracked over the quarter, falling about $5,000 (or -0.6%), a turnaround after five consecutive quarters of gains.
This is the first time unit prices have fallen over a quarter in 1.5 years.
Annual gains have also lost momentum for the first time this growth cycle, now at the lowest rate of increase since September 2023.
However, unit prices remain $46,000 (or 6.1%) above the December 2022 price trough – leaving only about $14,000 (or 1.7%) left to recoup.
With house and unit prices moving in opposite directions over the quarter, the price gap was widened between property types, with houses now costing 109% more than a unit – a gap never before seen for Sydney.
Melbourne property market
House prices see the strongest gain in 2.5 years.
Domain reports that Melbourne house prices have grown for the fifth consecutive quarter, rising by almost $18,000 (or 1.7%) over the June quarter.
This is the strongest quarterly gain in 2.5 years and equal to the total growth recorded over the previous three quarters combined.
House prices have now recovered just over $44,000 (or 4.3%) of the $69,000 (or -6.3%) value lost over the 2022-23 downturn.
The recovery has been slow, now lasting as long as the downturn (five quarters) without cementing a full recovery, but it appears to now be gaining momentum.
To put this into perspective, this is the first time in almost four years Melbourne has recorded stronger positive quarterly growth than Sydney.
Melbourne unit prices fell for the second consecutive quarter, down by almost $9,500 (or -1.7%), after three consecutive quarters of positive price growth.
This is the steepest quarterly fall since March 2023. For the first time in 15 years, Melbourne units are now more affordable than Brisbane, as prices move in opposite directions in the two cities.
Units are now almost $47,000 (or -7.8%) below the December 2021 peak.
With house and unit prices moving in opposite directions over the quarter, the price gap was widened between property types, with houses now costing 92% more than a unit – a high not before seen in Melbourne.
Brisbane property market
Brisbane house prices to crack $1 million next quarter.
Domain reports that Brisbane house prices have risen for the sixth consecutive quarter, growing by almost $38,000 (or 4%) over the June quarter to a record high of $976,464.
The pace of quarterly growth is roughly 1.5 times more than the previous quarter and more than double the same time the year prior.
This has accelerated annual gains to a two-year high of 16.9%.
Brisbane house prices are on track to surpass $1 million over the next quarter, and it would only take another $24,000 (or 2.4%) increase for this milestone to be achieved.
Brisbane unit prices have risen for the 11th successive quarter, reaching a new high of $579,823, marking the longest period of continuous growth since 2005-08.
However, quarterly growth rates are more than one-third slower than the previous quarter.
Despite this slowdown, Brisbane’s annual gains are the second steepest of all the capitals (after Perth), with a double-digit increase of 18.7%.
Additionally, Brisbane unit prices have risen by $249 per day over the past year, marking the second steepest rise in the city’s history.
This has led to some milestones for Brisbane’s unit market: for the first time since 2008, Brisbane has become the third most expensive capital city in which to purchase a unit, behind Sydney and Canberra.
Additionally, Brisbane unit prices are also more expensive than Melbourne units for the first time in 15 years.
Adelaide property market
Unit prices surpass half a million.
Domain reports that Adelaide house prices have grown for the sixth consecutive quarter, rising by almost $24,000 (or 2.6%) over the June quarter to a record high of $929,972. Despite the rise, the pace of quarterly growth almost halved compared to the previous quarter.
Annual gains have also lost momentum slightly – a slowdown that hasn’t happened for 1.5 years.
While price gains are losing momentum compared to prior quarters, Adelaide house prices continue to post exceptional returns, surpassing all the other capital city markets except Brisbane and Perth.
Adelaide unit prices have exceeded $500,000 for the first time.
Quarterly price gains have accelerated, doubling the pace of the previous quarter with an increase of about $24,500 (or 5%).
This marks the steepest quarterly rise in a year and makes Adelaide the second-strongest capital city unit market over the quarter.
Unit prices have risen by $182 per day over the past year, marking the second steepest rise in the city’s history.
Units are now rising twice as fast as houses over the quarter, narrowing the price gap between property types.
Currently, houses are 82% more expensive than units, down from the mid-22 peak of 98%.
Canberra property market
House prices move into a recovery.
Domain reports that Canberra house prices are back on the rise, increasing by almost $9,000 (or 0.8%) over the June quarter.
House prices now stand at $1.04 million, which is almost $132,000 (or -11.2%) below the mid-22 peak.
Despite the recent growth, Canberra has yet to see a sustained pricing recovery and remains one of the weaker capital cities.
House prices are the furthest from their price peak among all the capitals and have only recovered one-16th of their losses.
The quarterly gain has nudged annual changes back into positive territory for the first time in almost two years.
Similarly, Canberra unit prices are also back on the road to recovery, rising by just over $10,000 (or 1.8%) over the June quarter after two deep quarters of a decline.
Unit prices are roughly $34,000 (or -5.5%) below its price peak. As unit prices are rising faster than houses over the quarter, the price gap between property types has marginally narrowed, with houses now 75% more expensive than units – significantly below the 99% peak of March 2022.
Perth property market
House prices surpass $800,000 for the first time.
Domain reports that Perth’s housing market continues to be a top performer nationwide, with house prices rising $52,000 (or 6.6%) over the June quarter to a record high of $852,240. The pace of quarterly growth is nearly 1.5 times higher than the previous quarter and double that of the same time the year prior.
This acceleration has pushed annual gains to a 17-year high of 23.8%. House prices have risen by $448 per day over the past year, marking the steepest rise in the city’s history.
Perth unit prices rose for the fifth consecutive quarter, growing by almost $34,000 (or 7.8%) over the June quarter to a record high of $466,720.
The previous three quarters of strong gains has unit prices accelerating substantially, aided by the city’s fastest annual gain in 17 years (at 25.5%).
Perth has the strongest unit market among the capitals.
In fact, unit prices have outperformed houses in Perth for the past two quarters, reversing a prior trend.
Hobart property market
House prices fall to a three-year low.
Domain reports that Hobart house prices declined for the third consecutive quarter, down by $7,500 or (-1.1%) over the June quarter.
This marks the weakest outcome in 15 months and the steepest decline among the capitals.
House prices are now at a three-year low and sit $76,000 (or -10.0%) below the March 2022 peak.
In contrast, Hobart unit prices remained unchanged over the June quarter, after two consecutive quarters of gains.
They are almost $30,000 (or 5.2%) below the September 2022 peak.
Hobart has the smallest price premium for houses among the capitals, with houses costing only 27% more than units.
Darwin property market
House prices flatline over the quarter.
Domain reports that Darwin house prices moved sideways over the June quarter by a marginal 0.1%, reaching $585,047.
Despite the minor rise, they remain $93,000 (-13.8%) below the 2013 peak.
In contrast, unit prices declined for the second consecutive quarter (by -3.4%), dragging down the annual decline to 2.6%.
Unit prices are now almost $144,000 (or -29.5%) below their 2016 peak.
Darwin remains Australia’s most affordable city in which to purchase a house or a unit, with houses 71% more expensive than units.
- Also read:Adelaide housing market update [video] | December 2024
- Also read:Perth housing market update [video] | December 2024
- Also read:Sydney housing market update [video] | December 2024
- Also read:Latest property price forecasts for 2025 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Melbourne housing market update [video] | December 2024
