Australian Property Market Trends
October 2024 – National Review
The annual capital city change in house and unit values for the month of October are:
- 483,325 annual dwelling sales
- 1.2% higher than one year ago
- -6.6% lower than the five-year average
- +2.0% Annual house sales
- -0.6% Annual unit sales
The month of October saw the national housing market record a +0.3% rise and a further increase of +0.9% for the quarter. Whilst the pace of growth continued to slow, the rise was the twenty first consecutive month of growth since the cycle commenced in February last year (2023).
The subtle positive movement was supported by the mid-sized capitals, led by Perth with a +1.4% rise over the month, however, this was offset by declines in Darwin (-1.0%), Canberra (-0.3%), Melbourne (-0.2%) and Sydney (-0.1%). As the market stabilises, the rate of growth in national dwelling values has continued to balance, reducing to +6.0% over the 12 months ending October. This has moderated from a recent peak annual growth rate of +9.7% recorded in February 2024.
Market Outlook
- Listings are up for houses (5.1%) and up for units (8.6%) nationally
- Houses spent 39 days on the market on average, and units on the market for 36 days on average
- Vendor discounts was -3.6% for houses and -3.0% units
- Median value of houses nationally was $874,827 and units was $668,234
What’s Hot – National Suburb Annual Change
- #1 – Swan (WA) – 28.3%
- #2 – Serpentine – Jarrahdale (WA) – 26.8%
- #3 – Bayswater – Bassendean (WA) – 26.1%
- #4 – Wanneroo (WA) – 26.1%
- #5 – Armadale (WA) – 25.7%
- #6 – Kalamunda (WA) – 25.3%
- #7 – Kwinana (WA) – 25.2%
- #8 – Cockburn (WA) – 24.9%
- #9 – Gosnells (WA) – 24.5%
- #10 – Rockingham (WA) – 24.3%
Final outlook
Contributing to the slowdown in the rate of growth in dwelling values, has been an increase in supply levels (particularly in Sydney and Melbourne) narrowing the gap of the supply vs demand equation, moderating the rate of growth and providing more choice and less urgency for buyers. Most cities are seeing an increase of new listings coming to market as vendors become more active, particularly around this time of year.
Nationally the flow of new listings is tracking +12.7% higher than the winter season, which may be a signal that more homeowners are motivated or needing to sell. The outlook for Australia’s property market is more subdued compared to a few months ago. Rising advertised stock levels, a slowdown in purchasing activity and a slow-down of momentum in value growth are the main takeaways for the property market at present.
Looking to buy a home or invest in property?
Get in touch with us to get a state or suburb specific property report to help with your property journey.
Call us on (02) 9058 7404.
Disclaimer – The information contained in this publication is gathered from multiple sources believed to be reliable as at the end of October 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] [Jun 2024] [Jul 2024] [Aug 2024] [Sep 2024]