The latest figures show that the Australian property market has been off to a strong start in 2024.
Here are some of the latest statistics from around the country:
Overall 2023 performance
According to CoreLogic, the home value index (HVI) rose by 8.1 per cent across the nation in 2023, and the combined capital cities rose by 9.3 per cent. The national median house price at the end of the year was $757,746.
Individually, at the end of 2023, the capitals looked like this:
• Sydney: 11.1 per cent; median price $1,128,322
• Melbourne: 3.5 per cent; median price $780,457
• Brisbane: 13.1 per cent; $787,217
• Adelaide: 8.8 per cent; median price $711,604
• Perth: 15.2 per cent; median price $660,757
• Hobart: -0.8 per cent; median price $656,947
• Darwin: -0.1 per cent; median price $496,309
• Canberra: 0.5 per cent; median price $843,171
January 2024 figures
Research found that the average house in Australia’s capitals and regions value rose 0.4 per cent in January, marking 12 straight months of increases.
When broken down, capital cities experienced differing results. January figures were as follows:
• Sydney: 0.2 per cent increase
• Melbourne: 0.1 per cent decrease
• Brisbane: 1 per cent increase
• Adelaide: 1.1 per cent increase
• Perth: 1.6 per cent increase
• Hobart: 0.7 per cent decrease
• Darwin: 0.3 per cent increase
• Canberra: 0.2 per cent decrease
CoreLogic reported that house values are rising at a faster rate relative to unit values and that the gap reached a record high of 45.2 per cent in January 2024.
Meanwhile, the combined regional index rose 1.2% over the rolling quarter compared with a 1.0% rise across the combined capitals index.
The generally ‘slow and steady’ results have come from the continued lack of stock on the market and interest rates being on hold during the summer period.
If you want to know the value of your home, ask your agent for data at a granular level that takes into consideration factors such as size, outlook, floor plan and location.
Rental market 2024
The average rental price in Australian capital cities rose 13.2 per cent year-on-year in 2023. The biggest increases were seen in Melbourne ($650 for a house), Sydney ($850 average rent for a house) and Perth ($550 for a house).
Perth, the city that showed the greatest increase in property prices, saw rental asking prices rising by 20 per cent over the past year.
In January, rent.com.au reported that the national median cost of renting increased by 1.69% to $600 per week for apartments and increased by 3.7% to $650 per week for houses. Canberra and Hobart are the only cities where rental prices are going backwards.
Australia’s vacancy rate set a record low of 0.8% in January, but experts are predicting rent prices will stabilise this year.
Want to buy or sell in 2024?
Forecasts are for the market to experience a slower upwards trajectory overall in 2024, but outcomes will depend on how inflation affects interest rates. If there is a rate cut, prices may rise more sharply than expected.
If you are looking to buy, a strong offer will still make the biggest difference, but be careful not to overcapitalise.
For sellers, the advice is to work with an experienced agent who can help you determine the value of your home based on your local market.
Want property advice? Talk to your local Professionals representative today.
