RESIDENTIAL PROPERTY
HOME sales proved resilient over 2024 with an 8% volume increase, before the shifting to a slower modality in the tail end of the year...
According to CoreLogic’s Best of the Best Report for 2024, home sales reach 528,000 in total over the 12 months to November, reflecting not only an uptick from the previous year but...
Home values have surged by 5.5% over the same 12-month period, with the combined value of Australian dwellings passing $11 trillion...
The market’s initial strength in 2024 gradually waned due to declining demand, rising levels of advertised supply, and a shifting outlook for inflation and interest rates...
Reflecting this diversity, while Perth saw a major value increase over the year of 21.0%, Melbourne swung in the other director with a 2.3% decline in value...
This compared to 7.2% growth in the middle of the market and just 3.0% of growth in the upper quartile of home values...
This is reflected in the top growth house markets for the year, all of which were located in Perth, with half of the suburbs boasting an affordable median house value below $661,000...
For houses, Beachlands, WA saw the greatest change in value at 38.4%, while for units, Dolphin Heads, QLD took the top spot at 52.8% growth...
Top 10 most affordable locations for houses for capital cities was led by Darwin, which saw six suburbs make the ranking, with Brisbane represented by two and both Hobart and the ACT with one each...
In the rental market, values were up 5.3% in the year to November, a more marginal increase than last year’s 8.1% and the year to September 2022’s 9.6% increase...
Noosa Heads, QLD houses saw the greatest rent growth over the period at 23.7%, with Geraldton, WA topping the list for unit rent growth at 21.5%...
Owen noted that 2025 is likely to start with a similarly slowed market, with buyer demand remaining strained, leading to a minor decline in nation home values...
Real household income has been boosted by the Stage 3 tax cuts, despite this boost to income seemingly being saved by households for now. Real household income growth is...
While market conditions are broadly expected to improve off the back of a cash rate reduction in 2025, there will still be considerable diversity in housing market performance.