Key takeaways
National home prices have increased again over calendar year 2024 with most capitals continuing to record positive annual growth.
The national capital city median house price increased by just 0.1% to $1,165,184 over the December quarter compared to the November quarter results.
The national house price has now increased over 22 of the past 23 months, has risen by 6.9% over the year ending December 2024 and is higher by 15.8% over the past two years.
National unit prices were steady at $662,790 over the December quarter compared to the November quarter.
The national unit price however remains 5.6% higher than the December quarter 2023 result.
National home prices have increased again over calendar year 2024, with most capitals continuing to record positive annual growth.
According to the latest data from My Housing Market, the national capital city median house price increased by just 0.1% to $1,165,184 in December compared to the November.
The national quarterly house price has now increased over 22 of the past 23 months, has risen by 6.9% over the year ending December 2024 and is higher by 15.8% over the past two years.
Perth and Hobart were the top capital city performers over the quarter with house prices higher by 0.8% and 0.6% respectively.
Sydney and Melbourne house prices were steady, with Brisbane and Adelaide each falling marginally by 0.1% followed by Canberra down 1.2 % and Darwin falling 1.3%.
House prices have increased significantly in a number of capitals over the 2024 calendar year with Perth the top performer up by 22.7% followed by Adelaide up 13.6%, Brisbane similarly higher by 13.5% and Sydney up 5.7%.
Hobart annual house prices increased by 1.1%, with Canberra up 0.2% but Darwin and Melbourne however falling by 0.8% and 0.9% respectively over the year.
Apartment / unit prices
National unit prices were steady at $662,790 over the December quarter compared to the November quarter.
However the national unit price remains 5.6% higher than the December quarter 2023 result.
Volatile Darwin was the top performer over December with unit prices rising by 5.1% followed by Perth up 2.3%, Hobart higher by 1.7%, Canberra and Adelaide each up 0.5% and Brisbane higher by 0.3% over the quarter compared to the November quarter result.
However, Sydney and Melbourne unit prices fell by 0.2%.
Similar to houses, Brisbane, Perth and Adelaide have recorded clearly the highest annual unit price growth over 2024, up by 25.5%, 25.2% and 15.0% respectively.
Darwin annual unit prices are now higher by 6.7% with Sydney up 4.0%.
Hobart, Melbourne and Canberra however have recorded annual unit price decreases - down 0.5%, 1.0% and 2.1% respectively.
Comment
Capital city housing markets produced generally subdued results over the December quarter compared to the previous November quarter results.
Annual home prices however have generally recorded positive growth over 2024 and similar to the outcomes of 2023.
Brisbane, Adelaide and Perth have clearly remained 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.
Hobart and Canberra annual house price growth was modest with Darwin slightly lower.
Unit prices were also lower in Hobart and Canberra over the year with Darwin sharply higher.
The 2024 housing market continued to attract buyers and sellers in solid numbers overall although the usual end-of-year seasonal effects and looming holiday distractions resulted in lower prices growth over December.
Rising prices are predictably raising affordability barriers also impacting recent price outcomes 2025 will likely continue to produce strong results in the boom-time markets of Brisbane, Adelaide and Perth although prices growth will be lower than 2024.
Sydney will continue to report solid results with the Melbourne market likely remaining in the doldrums overall and awaiting a lift in confidence - particularly in the inner-suburban prestige markets that have continued 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.
The prospect of a rate cut in 2025 however remains, which will clearly act to refuel housing market activity and generate higher home prices.
The national economy however is still strong with continuing low jobless rates and surging jobs growth driving solid wage increases.
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 have generally recorded higher house and unit prices over 2024 and similar to the revival year of 2023.
National home prices are set to record positive growth again over 2025 although likely lower than the 2024 results but supported by ongoing strong to solid results from Perth, Brisbane and Adelaide.
- Also read:Melbourne property market forecast for 2025
- Also read:Brisbane’s property market forecast for 2025
- Also read:Latest property price forecasts for 2025 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Sydney property market forecast for 2025
- Also read:You’ll never believe the most affordable regions to rent in Australia
