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Home Prices Steady to Begin 2024 | Latest Housing Market Stats

National house prices have commenced 2024 with steady results generally but have continued the underlying easing of growth rates that emerged over the final months of 2023.

The national capital city median house price was flat at $1,089,156 over the January quarter compared to the December quarter, according to the latest data from My Housing Market.

The January result followed 11 consecutive rises in monthly national house prices, with the usual seasonal holiday factors impacting results.

National house prices however are higher by 8.6% over the year ending January 2024 and have increased by 3.7% over the past two years.

Most capitals reported decreases in houses prices over January with Melbourne down 0.2%, Sydney falling 0.4%, Adelaide down 0.7%, Hobart lower by 1.1% and Darwin falling 1.8%.

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House prices however increased in Perth, Brisbane and Canberra over January, rising by 1.1%, 0.9% and 0.2% respectively.

House prices in most capitals are significantly higher than reported over January 2023 with Perth the top performer up by 17.0%.

Hobart, Darwin and Canberra however have recorded annual declines – down by 5.9%, 5.3% and 0.7% respectively.

Quarterly Median House Prices January 2024

Median
Month
Full Year
Previous Peak

Sydney
$1,559,760
-0.4%
10.1%
-1.2%

Melbourne
$1,058,143
-0.2%
3.2%
-3.8%

Brisbane
$894,432
0.9%
13.9%
0.9%

Adelaide
$853,605
-0.7%
10.8%
-0.7%

Perth
$799,034
1.1%
17.0%
1.1%

Hobart
$670,213
-1.1%
-5.9%
-13.1%

Darwin
$622,300
-1.8%
-5.3%
-6.3%

Canberra
$956,438
0.2%
-0.7%
-10.0%

National
$1,089,156
0.0%
8.6%
0.0%

 

National unit prices however fell over January, lower by 0.7%, with the national unit price now at $627,343 but remaining 5.3% higher than the January 2023 result.

Most capital city unit prices were lower over January, with Sydney, Melbourne, Canberra, Adelaide and Hobart falling 0.7%,1.6%, 2.1%, 2.3% and 9.5% respectively.

Unit prices in Brisbane, Perth, and Darwin were however higher over the month by 2.4% and 0.4%.

Quarterly Median Unit Prices January 2024

Median
Month
Full Year
Previous Peak

Sydney
$742,064
-0.7%
4.7%
-1.4%

Melbourne
$560,708
-1.6%
3.2%
-6.2%

Brisbane
$466,926
2.4%
14.8%
2.4%

Adelaide
$446,398
-2.3%
14.6%
-2.3%

Perth
$414,039
0.4%
11.2%
0.4%

Hobart
$457,239
-9.5%
-17.6%
-20.1%

Darwin
$349,332
0.4%
-5.8%
-7.9%

Canberra
$501,081
-2.1%
-1.1%
-4.8%

National
$623,055
-0.7%
5.3%
-0.7%

 

Brisbane has reported the highest annual unit price growth over the year ending January 2024, higher by 14.8% followed by Adelaide up 14.6%, Perth higher by 11.2%, Sydney up 4.7% and Melbourne higher by 3.2%.

Canberra, Hobart and Darwin unit prices however fell by 1.1%, 5.8% and 17.6% respectively over the year.

Comment

Capital city housing markets have commenced 2024 with lower results generally that has followed weakening growth trends evident over the final months of 2023.

Reflecting a strong year overall for prices growth in 2023, declining affordability is impacting buyers generally, with national prices tracking nearly 10% higher over the past year; and sharply higher interest rates and high inflation impacting household budgets.

The pent-up demand generated through the lengthy period of declines over 2022 – particularly in Sydney and Melbourne – has also largely dissipated through 2023.

Despite a mixed start to the year reflecting to some degree the usual seasonal holiday influences, capital city housing markets are set to continue to report positive results generally through 2024 despite declining affordability, with an increased likelihood that official interest rates will remain on hold over the shorter-term as inflation continues to fall.

The prospect of ongoing positive activity in housing markets will be supported by a robust labour market generating strong wages growth, and continuing high levels of migration.

Chronically undersupplied housing markets will also continue to place upward pressure on home prices and rents.

Restored buyer and seller confidence and strong economies will continue to support housing market activity generally through 2024, with the 2022 peak prices still to be regained in both Sydney and Melbourne indicating continued value opportunities for buyers in those markets.

Perth, Brisbane and Adelaide however are set to remain top performers through 2024.

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