Australian Property Market Trends
July 2024 – National Review
The annual capital city change in house and unit values for the month of July are:
- 511,211 annual dwelling sales
- 7.6% higher than one year ago
- -1.4% lower than the five-year average for the region
- +0.5% house sales
- +0.5% unit sales
The national residential dwelling price growth continued in July (an 18th straight month of increase) reaching a new record high. The growth rate of +0.5% in July slightly softened following stronger months prior (+0.6% – +0.8% achieved this year) however, remains above the +0.4% monthly gain in December 2023 – January 2024.
For the year ending July 31st, the national market overall has now moved into positive result by +7.6% nationally and +7.9% in combined capital cities. This result setting a new national record dwelling value high during the month. Despite the strong contribution of rental in the quarterly results, national rental growth was +0.1% higher in July – the smallest month rise since August 2020.
Nationally, in the 3 months to July, the recorded number of properties sold was 125,000 (up slightly on 123,000 for the same time last year) however, the mismatch between supply and demand is moderating.
Market Outlook
- Listings are down for houses (-1.2%) and up for units (6.9%) nationally
- Houses spent 40 days on the market on average, and units on the market for 35 days on average
- Vendor discounts was -3.9% for houses and -3.1% units
- Median value of houses nationally was $865,159 and units was $652,524
What’s Hot – National Suburb Annual Change
- #1 – Kwinana (WA) – 32.9%
- #2 – Gosnells (WA) – 31.5%
- #3 – Armadale (WA) – 30.2%
- #4 – Swan (WA) – 29.6%
- #5 – Rockingham (WA) – 29.6%
- #6 – Cockburn (WA) – 28.4%
- #7 – Mandurah (WA) – 27.6%
- #8 – Mundaring (WA) – 27.5%
- #9 – Canning (WA) – 27.4%
- #10 – Wanneroo (WA) – 27.0%
Final outlook
The outlook for Australia’s property market is once again affected by the key factor of the well-publicised undersupply of housing keeping upwards pressure on dwelling values.
With the housing market being influenced by stage 3 rate cuts (already in effect), energy bill rebates and the cost of living pressures, housing affordability within the market is largely adjusting to the prospect of ‘high for longer’ interest rates position. This view is predicted to remain for some time yet with NAB Economics continuing to forecast the next interest rate cut in May 2025 (other forecasts are still adhering to an anticipated interest rate easing in November 2024). Interest rate environment aside, the overall housing outlook continues to be one of resilience, with the moderating rate of growth evidenced by the up-swing in supply and affordability pressures.
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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 July 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] [Mar 2024] [Apr 2024] [May 2024] [June 2024]