Key takeaways
Rising home prices remained a feature of most capital city housing markets over the June quarter although there was a clear divergence in results.
The national capital city median house price again increased by 0.2% to $1,137,767 over the June quarter compared to the May quarter, according to the latest data from My Housing Market.
The national quarterly house price has now increased over 16 of the past 17 months and has risen by 8.6% over the year ending June 2024, and is higher by 7.3% over the past two years.
National unit prices also reported generally positive increases over June with the national unit price up by 0.7% to $656,862, and is now 7.1% higher than the June quarter 2023 result.
Rising home prices remained a feature of most capital city housing markets over the June quarter although there was a clear divergence in results.
The national capital city median house price again increased by 0.2% to $1,137,767 over the June quarter compared to the May quarter, according to the latest data from My Housing Market.
The national quarterly house price has now increased over 16 of the past 17 months and has risen by 8.6% over the year ending June 2024, and is higher by 7.3% over the past two years.
Perth was yet again the top capital city performer with prices strongly higher by 2.7% followed by Adelaide up by 2.0%, Brisbane up 1.3% and Canberra up 0.4%.
Sydney prices were steady; however, Melbourne, Darwin and Hobart fell sharply by 1.3%, 1.4% and 2.4% respectively.
House prices in most capitals remain higher over the year ending the June quarter of 2024 with Perth still the top performer up by 26.8% followed by Brisbane up 18.7%, Adelaide higher by 16.9% and Sydney up 6.8%.
Canberra has reported an annual house price increase of 0.8% with Melbourne higher by just 0.2% - however, Hobart and Darwin annual prices were lower by 2.9% and 3.6% respectively.
Median House Prices June 2024
| Median | Month | This Year | 1 Year | 2 Year | |
|---|---|---|---|---|---|
| Sydney | $1,626,909 | 0.0% | 4.0% | 6.8% | 5.5% |
| Melbourne | $1,058,469 | -1.3% | 0.1% | 0.2% | -1.7% |
| Brisbane | $957,495 | 1.3% | 8.5% | 18.7% | 15.2% |
| Adelaide | $925,549 | 2.0% | 8.6% | 16.9% | 18.0% |
| Perth | $898,788 | 2.7% | 13.1% | 26.8% | 31.9% |
| Hobart | $666,186 | -2.4% | -0.8% | -2.9% | -13.7% |
| Darwin | $620,305 | -1.4% | 1.7% | -3.6% | -5.9% |
| Canberra | $976,360 | 0.4% | 3.6% | 0.8% | -5.4% |
| National | $1,137,767 | 0.2% | 4.6% | 8.6% | 7.3% |
Median Unit Prices June 2024
National unit prices also reported generally positive increases over June with the national unit price up by 0.7% to $656,862, and is now 7.1% higher than the June quarter 2023 result.
Most capital city unit prices were higher over the June quarter, with Adelaide and Perth the top performers each up 1.8% followed by Hobart up 1.6%, Sydney higher by 1.0%, Brisbane up 0.7% and Canberra up 0.5%. Melbourne unit prices however were down up 0.3% with Darwin sharply lower by 3.8%.
| Median | Month | This Year | 1 Year | 2 Year | |
|---|---|---|---|---|---|
| Sydney | $776,276 | 1.0% | 4.0% | 5.3% | 4.8% |
| Melbourne | $572,840 | -0.3% | -0.1% | 2.3% | -1.6% |
| Brisbane | $531,169 | 0.7% | 15.4% | 24.5% | 34.1% |
| Adelaide | $500,378 | 1.8% | 8.0% | 19.4% | 32.1% |
| Perth | $476,575 | 1.8% | 15.5% | 25.3% | 30.1% |
| Hobart | $487,733 | 1.6% | -3.5% | -5.8% | -9.4% |
| Darwin | $357,742 | -3.8% | 11.8% | -2.4% | -5.7% |
| Canberra | $517,924 | 0.5% | 3.0% | 3.1% | 1.5% |
| National | $656,862 | 0.7% | 4.5% | 7.1% | 6.7% |
Perth, Brisbane and Adelaide continue to record clearly the highest annual unit price growth to June 2024, up by 25.3%, 24.5% and 19.4% respectively.
- Also read:Latest Asking Prices State by State | Winter Lull takes Affect with Huge falls in Home Listings
- Also read:What does median home price really mean?
- Also read:Brisbane’s property market forecast for 2024
- Also read:Melbourne property market forecast for 2024
- Also read:Sydney property market forecast for 2024
All other capitals have also recorded annual unit price increases - except Darwin lower by 2.4% and Hobart down 5.8%.
Comment
Capital city housing markets continue to report mostly higher home prices through to mid-2024 with solid growth rates maintained over recent months, and are generally higher than the prices recorded over the same period last year.
The early mid-year capital city housing market has remained active overall with high numbers of seasonal listings and record weekend auction sales.
National home prices are set to continue to increase over the coming months with value opportunities remaining for buyers in Sydney and Melbourne where prices are still currently below or similar to the previous peaks recorded in early 2022.
Perth, Brisbane and Adelaide are likely to continue to report the strongest capital city results, reflecting heady buyer and seller activity and the clear relative affordability advantages remaining in those capitals.
Growth rates over the remainder of 2024, although set to remain positive, are however unlikely to match the strong results recorded over the midwinter period last year that reflected a robust, reviving market environment.
Underlying drivers will support increased housing market activity although the possibility of higher interest rates remains as already high inflation has continued to rise recently.
However, the economy remains strong with still low jobless rates driving near-record wages growth.
Continuing high levels of migration will exacerbate chronic housing undersupply driving surging rents and record low-level vacancy rates in capital city rental markets, with a near-term significant revival in home building increasingly unlikely.
High and rising rents will provide clear incentives for first-home buyers and particularly investors.
Capital city housing markets have recorded more increases in home prices overall through the June quarter although multi-speed results continue to consolidate with Perth, Brisbane and Adelaide remaining clear leaders in price growth.
Melbourne and Sydney however remain the clear underperformers of the major capitals with a sustained strong revival in activity yet to emerge.
