Table of contents
 - featured image
By Dr. Andrew Wilson
A A A

May Home Prices Continue Steady Rise | Latest Housing Market Stats

key takeaways

Key takeaways

National housing markets have continued to record steady prices growth generally, with the late autumn selling season providing overall positive outcomes for most sellers.

The national capital city median house price again increased by 0.3% to $1,134,494 over the May quarter compared to the April quarter, according to the latest data from My Housing Market.

The national quarterly house price has now increased over 15 of the past 16 months and has risen by 9.8% over the year ending May 2024, and is higher by 5.9% over the past two years.

National unit prices also reported generally solid increases over May with the national unit price up by 0.8% to $652,505, and is now 6.5% higher than the May 2023 result.

National housing markets have continued to record steady price growth generally, with the late autumn selling season providing overall positive outcomes for most sellers.

The national capital city median house price once again increased by 0.3% to $1,134,494 over the May quarter compared to the April quarter, according to the latest data from My Housing Market.

The national quarterly house price has increased over 15 of the past 16 months, rose by 9.8% over the year ending May 2024, and is higher by 5.9% over the past two years.

National Quarterly Median House Price

Most capitals reported increases in house prices over May except for Melbourne and Hobart which were steady and Adelaide which fell 0.3%.

Perth and Canberra were the top performers each with prices higher by 1.3% followed by Brisbane higher by 0.7%, Darwin up 0.5% and Sydney higher by 0.2%.

House prices in most capitals remain significantly higher than reported over May 2023 with Perth still the top performer up by 23.6% followed by Brisbane up 18.8%, Adelaide higher by 15.7% and Sydney up 9.2%.

Melbourne has reported an annual house price increase of 2.4%, Canberra up 1.1% and Darwin higher by 0.3% - however Hobart annual prices are lower by 1.3%.

Median House Prices May 2024

Median Month This Year 1 Year 2 Year
Sydney $1,626,538 0.2% 3.9% 9.2% 4.2%
Melbourne $1,072,722 0.0% 1.4% 2.4% -1.9%
Brisbane $946,282 0.7% 7.2% 18.8% 13.7%
Adelaide $904,659 -0.3% 6.2% 15.7% 14.5%
Perth $870,641 1.3% 9.6% 23.6% 29.0%
Hobart $681,019 0.0% 1.4% -1.3% -11.3%
Darwin $645,775 0.5% 5.9% 0.3% -2.7%
Canberra $974,082 1.3% 3.4% 1.1% -7.7%
National $1,134,494 0.3% 4.3% 9.8% 5.9%

Median Unit Prices May 2024

National unit prices also reported generally solid increases over May with the national unit price up by 0.8% to $652,505, and is now 6.5% higher than the May 2023 result.

National Quarterly Median Unit Price

Similar to houses, most capital city unit prices were higher over May, with Adelaide the top performer up by 3.2% followed by Brisbane and Perth each up 2.3%, Darwin up 1.4%, Sydney higher by 0.7% and Melbourne up 0.4%.

Canberra and Hobart unit prices however were lower by 1.5% and 2.3% respectively.

Median Month This Year 1 Year 2 Year
Sydney $770,171 0.7% 3.2% 5.5% 2.8%
Melbourne $575,663 0.4% 0.4% 3.3% -2.7%
Brisbane $524,586 2.3% 14.0% 26.2% 32.8%
Adelaide $491,580 3.2% 6.1% 18.8% 30.3%
Perth $463,872 2.3% 12.5% 21.5% 25.6%
Hobart $479,021 -2.3% -5.2% -4.9% -15.8%
Darwin $371,561 1.4% 16.1% -1.4% 3.5%
Canberra $507,353 -1.5% 0.9% 0.9% 0.6%
National $652,505 0.8% 3.8% 7.4% 5.0%

 

Brisbane, Perth and Adelaide have reported clearly the highest annual unit price growth over the year ending May 2024, up by 26.2%, 21.5% and 18.8% respectively.

All other capitals have also recorded annual unit price increases - except Darwin and Hobart lower by 1.4% and 4.9% respectively.

Comment

Capital city housing markets generally continue to report higher home prices through 2024 with solid growth rates consolidating over recent months, and are mostly tracking well above the levels recorded over the same period last year.

The late autumn selling season has remained relatively vibrant and characterised by high numbers of seasonal listings and weekend auction sales.

Auction Sales Surge

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 with the spectre of higher interest rates now diminishing as inflation is now more likely to resume its downward trajectory over the medium term.

The economy remains strong with still low jobless rates driving record-level 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.

May has consolidated the solid home price growth recorded over previous months in 2024, with more relatively positive results expected over the coming months.

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

Great Article.

0 replies

Quite a few of us I would say :)

0 replies

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
2 more comments...

Guides

Copyright © 2024 Michael Yardney’s Property Investment Update Important Information
Content Marketing by GridConcepts