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Home Prices Higher Over February 2024 | Latest Housing Market Stats - featured image
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Home Prices Higher Over February 2024 | Latest Housing Market Stats

key takeaways

Key takeaways

The national capital city median house price increased by 0.8% to $1,094,943 over the February quarter compared to the January quarter, according to the latest data from My Housing Market.

Most capitals reported increases in house prices over February with volatile Darwin the top performer up by 6.8% followed by the consistent Perth up 3.7% and Adelaide, Brisbane, Hobart and Sydney higher by 3.6%, 1.4% 1.3% and 0,1% respectively.

National unit prices also increased over February following a fall over the previous month with the national unit price rising by 1.1% to $632,251 and now 6.7% higher than the February 2023 result.

Most capital city unit prices were higher over February with Darwin the top performer up by 8.2% followed by Perth, Brisbane, Adelaide, Sydney and Canberra higher by 5.5%, 3.2%, 2.1%, 1.2% and 0.2% respectively.

Capital city housing markets have generally rebounded over February following a flat start to 2024, with most capitals reporting increases in house and unit prices over the month.

National house prices increased over February 2024 following the steady start to the year reported over January, although capital city results varied significantly.

The national capital city median house price increased by 0.8% to $1,094,943 over the February quarter compared to the January quarter, according to the latest data from My Housing Market.

The national quarterly house price has now increased over 12 of the past 13 months and continues to consolidate the strong revival in buyer activity of the past year.

National house prices have risen by 8.9% over the year ending February 2024 and are higher by 4.1% over the past two years.

National Quarterly Median House Price

Most capitals reported increases in house prices over February with volatile Darwin the top performer up by 6.8% followed by the consistent Perth up 3.7% and Adelaide, Brisbane, Hobart and Sydney higher by 3.6%, 1.4% 1.3% and 0,1% respectively.

House prices however were lower in Melbourne and Canberra by 0.4% and 0.6% respectively.

House prices in most capitals remain significantly higher than reported over February 2023 with Perth the top performer up by 22.3% followed by Brisbane up 14.5%, Adelaide higher by 13.9% and Sydney up 8.9%.

Hobart, Canberra and Darwin however have recorded annual declines - down by 3.6%, 0.3% and 0.1% respectively.

Quarterly Median House Prices February 2024

Median Month This Year 1 Year 2 Year
Sydney $1,560,406 0.1% -0.3% 8.9% 0.2%
Melbourne $1,048,686 -0.4% -0.9% 2.5% -3.0%
Brisbane $898,161 1.4% 1.7% 14.5% 12.9%
Adelaide $880,374 3.6% 3.3% 13.9% 16.9%
Perth $838,667 3.7% 5.6% 22.3% 29.5%
Hobart $673,321 1.3% 0.3% -3.6% -10.6%
Darwin $623,687 6.8% 3.0% -0.1% -2.6%
Canberra $938,128 -0.6% -0.4% -0.3% -10.3%
National $1,094,943 0.8% 0.7% 8.9% 4.1%

National unit prices also increased over February following a fall over the previous month with the national unit price rising by 1.1% to $632,251 and now 6.7% higher than the February 2023 result.

National Quarterly Median Unit Price

Most capital city unit prices were higher over February with Darwin the top performer up by 8.2% followed by Perth, Brisbane, Adelaide, Sydney and Canberra higher by 5.5%, 3.2%, 2.1%, 1.2% and 0.2% respectively.

Unit prices in Melbourne however were lower by 0.9% over the month with Hobart down sharply by 7.0%.

Quarterly Median Unit Prices February 2024

Median Month This Year 1 Year 2 Year
Sydney $751,180 1.2% 0.6% 5.4% 0.6%
Melbourne $561,289 -0.9% -2.2% 4.9% -4.3%
Brisbane $486,243 3.2% 5.6% 16.5% 28.8%
Adelaide $469,094 2.1% 1.2% 20.7% 32.1%
Perth $435,247 4.9% 5.5% 19.5% 17.8%
Hobart $499,054 -7.0% -1.2% -10.8% -8.2%
Darwin $338,257 8.2% 6.9% -6.7% -6.7%
Canberra $502,973 0.2% 0.0% -0.9% 2.1%
National $632,251 1.1% 0.6% 6.7% 2.7%

Adelaide, Perth and Brisbane have clearly reported the highest annual unit price growth over the year ending February 2024, up by 20.7%, 19.5% and 16.5% respectively.

Darwin unit prices however fell by 6.7% over the year with Hobart down 10.8%.

Comment

Capital city housing markets have generally rebounded over February following a flat start to 2024, with most capitals reporting increases in house and unit prices over the month.

2023 was a recovery year for capital city housing markets with most reporting double-figure price growth despite significant interest rate increases and high inflation constraining affordability.

Home price growth is set to continue through 2024 with value opportunities remaining for buyers in Sydney and Melbourne with prices still currently below the previous peaks recorded in early 2022.

Perth, Brisbane and Adelaide however are likely to continue to report the strongest capital city results reflecting heady buyer and seller confidence and the clear affordability advantages of those capitals.

Underlying drivers will support strengthening housing market activity with lower inflation likely to keep interest rates steady for the foreseeable future and a strong economy with low joblessness continuing to drive record wages growth.

Continuing high levels of migration will exacerbate chronic housing undersupply driving surging rents and record-low vacancy rates in capital city rental markets, with a near-term revival in home building increasingly unlikely.

High and rising rents will provide clear incentives for first-home buyers and new investors.

February has provided clear early indications of another positive year for capital city housing market activity generally in 2024 with house and unit prices rising over the month` and record seasonal weekend home auction sales.

About Dr Andrew Wilson, Chief Economist of www.MyHousingMarket.com.au is widely regarded as Australia’s leading property economist.
3 comments

Having difficulty reconciling median house (and unit) price data in this update compared to values quoted just one month ago (2 Feb 2024) in "The latest median property prices in Australia’s major cities".

0 replies

Congratulations to Adelaide! Absolutely smashing it... Can you see the picture forming?? Perth will follow

1 reply

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