Table of contents
 - featured image
Ahmad Imam Square Wide Lo Rez 400.jpgtim Lawless
By Tim Lawless
A A A

Australian housing market update [CoreLogic’s video] | December 2024

key takeaways

Key takeaways

National home values rose 0.5% in the three months to November. The pace of growth has slowed considerably from a recent high of 2.2% in the three months to April.

The annual pace of growth slowed for the ninth consecutive month, with values up 5.5% over the year to November. This is the lowest annual rise since the 12 months to September 2023 (4.4%).

Capital city home value trends are softer than in the combined regional market. The combined capital city market rose 0.3% in the three months to November, compared to a 1.1% lift in the regions.

As we wrap up 2024, the housing market's setting up for a relatively weak start to 2025.

National Housing Market Update | December 2024

For November, the National Home Value Index saw an incremental increase of just 0.1%, the smallest rise since January 2023, suggesting that growth momentum may be fading after an extended period of 22 months. Notably, major cities like Melbourne and Sydney are grappling with declining property values, contributing to a broader national downturn. While smaller capital cities and regional markets have provided some support, their growth is also beginning to diminish.

Perth stands out with a 1.1% increase in value over the month, although this marks the slowest growth pace since April 2023, signaling a trend that is consistent across various locations, including Brisbane and Adelaide. Interestingly, regional markets have shown a slightly stronger performance, raising concerns about the impact of increased supply and declining purchasing activity, particularly in capital cities. Listings have surged, with significant increases seen in Perth and Adelaide, even as total stock remains below average.

The current trend indicates a buyer's market, with declining auction clearance rates and extended selling times. On the rental front, growth has slowed to 5.3% annually—the lowest rate since April 2021—primarily due to lower population growth and changes in household size.

Change in house prices, 12 months to December 2024:
National

Source: CoreLogic

Rolling quarterly change in values, dwellings (Sydney, Melbourne, Brisbane, Adelaide):

National 2

Source: CoreLogic

bulb icon

Tips: As we move forward, these trends suggest a need for both buyers and sellers to remain vigilant and adaptable in response to an evolving housing landscape. Stay tuned for more detailed insights as we explore the dynamics of individual capital city markets in the coming weeks.

Ahmad Imam Square Wide Lo Rez 400.jpgtim Lawless
About Tim Lawless Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au
No comments

Guides

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