Property values have risen for 12 straight months. Here’s how much prices have lifted or fallen in each capital city
Three capital cities continue to power the national property market, with prices rising by 0.4 per cent in January to start off the new year.
It marked the 12th straight month of value rises.
CoreLogic’s head of residential research Eliza Owen believes there’s more in store for the housing market in 2024.
“Nationally, we’re expecting house prices to rise, but probably at a slower rate than what we saw last year,” Ms Owen said.
“I think at the higher end of the market, like Sydney, for example, … we would expect to see a slowdown in growth.”
With that in mind, here’s how Australian house and unit prices are looking in each capital city for January.
What’s the most expensive city to buy in?
Data from CoreLogic says Sydney is still the most expensive place to buy a property, with a median house value of almost $1.4 million.
But in terms of how capital city property prices changed in January, Perth topped the list.
Meanwhile, prices decreased a fraction in Melbourne, Canberra and Hobart.
Here’s a quick rundown of how prices changed in January:
- Perth: Up by 1.6 per cent
- Adelaide: Up by 1.1 per cent
- Brisbane: Up by 1 per cent
- Darwin: Up by 0.3 per cent
- Sydney: Up by 0.2 per cent
- Melbourne: Down by 0.1 per cent
- Canberra: Down by 0.2 per cent
- Hobart: Down by 0.7 per cent
Now let’s get a more detailed look at the capital cities.
We’re looking at house prices and unit prices separately, and when we use the term “dwelling” we’re talking about both of them together.
Adelaide
- Monthly change: 1.1 per cent increase
- Adelaide median house value: $774,969
- Median unit value: $490,313
Properties in Adelaide are still relatively affordable, with the median dwelling value sitting just over $720,000 — below the $759,437 national median.
Adelaide has seen home values rise at more than 1 per cent month-on-month over the last eight months.
Brisbane
- Monthly change: 1 per cent increase
- Brisbane median house value: $888,628
- Median unit value: $568,595
It was the pockets on the outer fringe of Brisbane that recorded the biggest price gains over the past 12 months, led by:
- Mt Gravatt: up 23.5 per cent to a median value of $1,127,102
- Nathan: up 23.3 per cent to a median value of $1,088,117
- Sunnybank: up 21 per cent to a median value of $1,019,314
Since the onset of COVID-19, Brisbane property values have lifted 52 per cent — the second highest growth recorded, with Adelaide taking the crown at 53.7 per cent.
Canberra
- Monthly change: 0.2 per cent decrease
- Canberra median house value: $968,248
- Median unit value: $586,891
Darwin
- Monthly change: 0.3 per cent increase
- Darwin median house value: $578,342
- Median unit value: $372,152
Hobart
- Monthly change: 0.7 per cent decrease
- Hobart median house value: $692,619
- Median unit value: $535,603
Hobart property values have been declining month-on-month since November 2023.
They remain 12 per cent below their March 2022 peak.
Over the past 12 months, Hobart North East (3.2 per cent) and Brighton (0.4 per cent) are the only two suburbs to record positive value growth.
Melbourne
- Monthly change: 0.1 per cent decrease
- Melbourne median house value: $942,750
- Median unit value: $608,181
Melbourne house prices didn’t change in January while unit prices went down by 0.3 per cent.
The city has now recorded three back-to-back monthly declines in property values.
Since the onset of COVID-19, Melbourne has recorded the smallest lift in house prices out of all the capital cities at 10.9 per cent ($76,155).
Perth
- Monthly change: 1.6 per cent increase
- Perth median house value: $708,335
- Median unit value: $475,011
Perth home values rose more than $11,000 in January, continuing the capital’s trend of prices rising by more than one per cent a month.
CoreLogic research director Tim Lawless identified Perth as a stand out among the capital cities for a persistently rapid rate of capital gains.
“The western capital continues to see housing demand outweigh supply, helping to push values 16.7 per cent higher over the past 12 months,” Mr Lawless said.
“Despite that, housing prices remain relatively affordable compared with most capital cities, with the median dwelling value sitting just under $677,000.”
Sydney
- Monthly change: 0.2 per cent increase
- Sydney median house value: $1,395,218
- Median unit value: $828,525
Growth in Sydney home values in January remained on par with last month, lifting 0.2 per cent.
Here are the areas that performed the strongest over January:
- Sydney’s Inner West: up 0.7 per cent
- Parramatta: up 0.5 per cent
- Blacktown: up 0.5 per cent
Dwelling values remain 2.4 per cent below their January 2022 peak.
Original Source ABC News Australia https://www.abc.net.au/news/2024-02-05/house-prices-january-capital-city-breakdown/103409980