Australian Housing Market Monthly Update: July 2024

In July 2024, the Australian housing market exhibited moderate growth across various regions. National home values increased by 1.8% over the June quarter, marking a slower pace compared to the 3.3% rise observed during the same period last year.

Despite this deceleration, the annual growth rate stood at 8.0%, a decrease from 9.6% in the 12 months to February. This trend indicates a cooling yet stable market environment.

Australian Housing Market Capital City Performance:

Sydney reached record high dwelling values, with a 1.1% increase over the quarter and an annual rise of 6.3%. This growth highlights Sydney’s resilience and strong demand.
Melbourne experienced a slight decline, with values decreasing by 0.6% over the quarter and 0.2% in June, making its values 3.9% below the March 2022 peak.
Brisbane continued to perform robustly, with values rising by 3.7% quarterly and 15.8% annually, achieving a new record high.
Adelaide saw similar trends with a 4.7% quarterly and 15.4% annual increase, also setting a new record.
Perth showed significant growth, with a 6.4% quarterly increase and a remarkable 23.6% annual rise, reaching record highs.
Hobart recorded a slight decrease of 0.3% over the quarter, with values 11.7% below the March 2022 peak.
Darwin saw a modest increase of 1.0% quarterly and 2.4% annually, remaining 5.7% below its May 2014 peak.
Canberra experienced a 0.8% quarterly and 2.2% annual increase, although values are still 5.4% below the May 2022 peak.

Market Dynamics:

National sales activity remained robust, with CoreLogic estimating 37,148 sales in June, pushing the annual sales count to 508,610, an 8.6% increase from the previous year. This indicates strong buyer interest and market activity across the nation.

However, the median days on market has trended higher nationally compared to a year ago, suggesting that properties are taking longer to sell on average. Despite this, certain markets like Perth, Brisbane, and Adelaide saw faster sales times, with Perth boasting a median selling time of just 10 days.

Vendor discounting rates varied across the country. Nationally, discounting was lower than last year, reflecting a competitive market environment. Perth experienced the smallest vendor discounting rate at 2.7%, indicating strong seller confidence. In contrast, Hobart and Darwin had the highest discount rates at 4.4%, suggesting more buyer-seller negotiations in these markets.

Regional Performance:

Regional areas continued to perform well, with dwelling values increasing by 1.9% over the quarter. The annual growth rate in regional markets was 7.0%, slightly below the national average but still indicative of healthy demand and investment interest outside the major capital cities. This trend underscores the appeal of regional areas as attractive options for buyers seeking affordability and lifestyle benefits.

Overall, the Australian housing market in July 2024 showed steady growth with regional areas slightly outperforming capital cities. While some cities like Melbourne and Hobart experienced slight declines, others like Sydney, Brisbane, Adelaide, and Perth reached new record highs, demonstrating the varied performance across different regions. The robust sales activity and competitive market dynamics suggest continued interest and investment in the housing sector. For personalised advice or support with your property decisions, contact us today.

Source: CoreLogic 1 May 2024

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Australian Housing Market Monthly Update: July 2024