Sell with Confidence
Read More

Property Prices Continue Their Rapid Improvement

By Sarah Bell

Property prices continue to rise nationwide, with significant growth in both metropolitan and regional areas.

Western Australia stands out, surpassing national averages. Perth has become Australia’s fifth most expensive housing market, overtaking Adelaide with a median house price of $821,093, reflecting a 3.6 per cent monthly increase and a remarkable 26.7 per cent annual growth.

Adelaide and Brisbane maintain strong annual growth rates of 14.7 per cent and 14.4 per cent respectively, while Melbourne, though still growing, lags behind at 1.3 per cent monthly growth, below the national average of 2.1 per cent.

Regional markets show less dramatic changes, with Western Australia leading despite median prices remaining under $500,000, making it one of the more affordable regions. South Australia and Queensland demonstrate steady growth at 2.6 per cent monthly, while Victoria, Tasmania, and New South Wales fall below the national regional average of 2.1 per cent.

The unit market mirrors house market trends. All areas show positive growth, with Melbourne and Hobart trailing at 1.3 per cent and 1.5 per cent respectively. Perth leads at 2.9 per cent, followed closely by Brisbane and Adelaide. Sydney and Canberra show more modest yet positive annual growth at 6.7 per cent and 8.5 per cent. Regional unit prices keep pace with capital cities, rising 1.6 per cent monthly and nine per cent annually.

Looking forward, recent inflation data has reignited discussions about potential interest rate hikes, which could impact property listings. The ongoing imbalance between housing supply and demand continues to drive price increases, while affordability concerns grow amid persistent inflationary pressures.

Vanessa Rader
Ray White Group
Head of Research

Up to Date

Latest News

  • Ray White Establishes Name on the Northern Beaches

    Ray White is set to become a dominant force on the Northern Beaches with the addition of leading agent Julian Rowe (pictured above) to the Ray White Northern Beaches office. The move is a homecoming for Mr Rowe who has more than two decades of experience in the real estate industry, beginning … Read more

    Read Full Post

  • Older Australians much happier than young

    Nerida Conisbee, Ray White Chief Economist Gallup’s World Happiness report for 2024 was recently released. Australia is one of the happiest countries in the world, ranking 10th globally. Overwhelmingly, the happiest countries tend to be small, with populations under 15 million people. Only the Netherlands and Australia could be considered … Read more

    Read Full Post