Domain housing price report, Q3 2024

Domain update

Domain released its latest house price report for the September 2024 quarter.

Capital city unit prices increased +1 per cent over the quarter, while there were modest declines in the regions of Australia. 

Increases over the year were mainly driven by outsized annual gains in Perth and Brisbane. 

Brisbane is now the second most expensive capital city in which to buy a unit, after median prices increased for a 14th consecutive quarter.

Sydney unit prices increased for a 7th quarter on the bounce, and have now reached a fresh high having fully recovered from the pandemic downturn. 

Many units in Melbourne and suburban Sydney can be bought today well below the replacement cost (of $500,000 per unit plus land value), and so it seems likely to me that the big city unit prices will surge over the next few years as the cost of financing comes down in the face of a chronic shortage of property.

Source: Domain

House prices were softest in Melbourne, down -1.5 per cent over the quarter, with some further softness likely over the remainder of the year in the face of more listings and higher auction volumes. 

From a year earlier there were strong capital gains in Perth, Adelaide, and Brisbane, taking booming Adelaide up to become the 5th most expensive capital city in which to buy a house for the first time in over two decades, which is historically unusual. 

Source: Domain

Domain sees a resurgent market in Sydney in 2025 as interest rates fall.

Dr. Nicola Powell reported to the AFR that higher mortgage rates had been constraining price growth. 

You can read the full report from Domain here.

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