Australian Property Market Trends

March 2024 – National Review

The annual capital city change in house and unit values for the month of March are:

  • 506,612 annual dwelling sales
  • 6.0% higher than one year ago
  • -1.0% lower than the five-year average for the region
  • 3.6% house sales
  • 12.2% unit sales

The national housing market continues to build, recording solid momentum and registering new market highs in March. CoreLogic’s national Home Value Index recorded its fourteenth straight month of rising values (increasing a further +0.6% for the month which was on par with February’s increase). First quarter growth for 2024 of +1.6% slightly increasing on the +1.3% positive result recorded last quarter.
Market conditions across capital city markets continue to show diverse results with each of the capital cities and rest-of-state regions recording positive results in values over the month with the exception of Darwin (where the market eased -0.2%), Regional Victoria (which eased -0.2%) and Melbourne (which remained unchanged). The property market in 2024 continues to display a positive shift in conditions, negotiating the higher interest rate environment and cost-of-living impacts better than many expected.

Market Outlook

  • Listings are down for houses (5.5%) and up for units (3.3%) nationally
  • Houses spent 36 days on the market on average, with units on the market for 32 days on average
  • Vendor discounts was -3.6% for houses and -3.0% units
  • Median value of houses nationally was $833,854 and units was $640,162

What’s Hot – National Suburb Annual Change

  • #1 – Armadale (WA) – 28.6%
  • #2 – Gosnells (WA) – 27.1%
  • #3 – Rockingham (WA) – 26.7%
  • #4 – Kwinana (WA) – 25.8%
  • #5 – Springwood – Kingston (QLD) – 23.6%
  • #6 – Serpentine – Jarrahdale (WA) – 23.3%
  • #7 – Wanneroo (WA) – 23.3%
  • #8 – Cockburn (WA) – 23.1%
  • #9 – Mandurah (WA) – 23.1%
  • #10 – Mt Gravatt (QLD) – 22.6%

Final outlook

The outlook for the property market (for remaining quarters of 2024) is one of cautious optimism amid potential of easing inflation, strong migration numbers and a stabilising of the interest rate environment. Inflation, and by extension interest rates, remain the key factors influencing property markets in the coming months.

Housing supply and demand remain out of balance where supply continues to be insufficient to meet increasing demand. Confirming the pressure on housing demand, over the year ending September 2023, Australia’s population growth rose +2.5%, the fastest pace of annual growth since the commencement of the ABS national population series in 1981.

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Disclaimer – The information contained in this publication is gathered from multiple sources believed to be reliable as at the end of March 2024 and is intended to be of general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, ubank recommends that you consider whether it is appropriate for your circumstances. ubank recommends that you seek independent legal, property, financial, and taxation advice before acting on any information in this publication.

Find our past publication here: [Feb 2024]