Property prices continue to increase in Australia
The Australian property market has seen a modest price increase over the 2024 December quarter, with Adelaide recording the highest growth nationwide.
The latest Real Estate Institute of Australia’s (REIA) Market Facts showed that house prices grew by 0.7 per cent to $1,058,442 in Australia over the December quarter of 2024 – a 5.2 per cent annual increase.
Across the capital cities, Brisbane, Adelaide, Perth and Hobart recorded price growth, with Adelaide recording the highest growth at 5.3 per cent, followed by Perth at 2.8 per cent.
Conversely, house prices in Sydney, Melbourne, Canberra and Darwin declined over the same period.
“Sydney remains the most expensive city for houses, with a median price of $1,645,444, which is 55.5 per cent higher than the national median,” REIA president Leanne Pilkington said.
“Meanwhile, Darwin remains the most affordable, with a median price of $546,200, 48.4 per cent below the national median.”
Like house prices, other dwelling prices increased nationwide by 0.8 per cent during the quarter to $690,138, representing a 4.8 per cent increase over 2024.
Pilkington said Melbourne and Hobart were the only capital cities with no growth for other dwellings.
Despite not recording any growth over the quarter, Darwin remains the most affordable city for other dwellings, with a median price of $370,000, which is 46.4 per cent below the national median.
“Sydney continues to command the highest median price for other dwellings at $812,863, 17.8 per cent above the national median,” Pilkington said.
Rental prices also saw a slight increase over the December 2024 quarter with a 0.2 per cent rise to $624 per week for three-bedroom houses, with Perth seeing the highest rent increase at 3.2 per cent.
Similarly, the national median rent increased 0.3 per cent to $626 per week for two-bedroom dwellings.
“Rents grew in all capital cities except Melbourne, where they remained stable, and Sydney and Darwin, where declines were recorded.”
Pilkington said the latest results highlight the dynamic nature of Australia’s property market, with price and rent fluctuations varying widely across capital cities.
“While some markets experienced declines, strong growth in Brisbane, Adelaide and Perth has contributed to overall stability,” she concluded.