Your Property News May 2024

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Australia’s median house price has hit a record $1.113 million, as the latest data reveals a mixed capital-city market with staggering price growth in Brisbane, Adelaide, Perth and Sydney, and a decline in Melbourne.

Against a backdrop of high interest rates, inflation, and the worsening cost-of-living crisis, the latest Domain House Price Report, shows the combined capitals’ median house and unit prices have jumped to record highs.

The bulk of the nation’s house price growth is being carried by Perth, Brisbane, Adelaide and Sydney.

Brisbane and Adelaide’s median house prices have soared past $900,000 and are expected to hit the $1 million mark by the end of this year, potentially putting them on par with Melbourne, where the median house price has fallen back to $1.032 million.

Domain chief of research and economics Dr Nicola Powell says she doesn’t expect Melbourne’s median house price to fall below $1 million, despite the latest quarterly results.

“Quarterly gains are about three times slower than the previous quarter and are now below half their historic average,” she says. “Momentum loss is evident across most of the capital cities, with house price gains slower over the March quarter compared to the previous quarter in Sydney, Melbourne, Brisbane, Adelaide, Perth and Darwin.”

Powell says despite the record prices in some cities, the latest data indicates some of the heat is coming out of the market.

But that’s unlikely to translate into much in the way of better prices for hopeful buyers.

“Prices are still rising, and what it showcases is the lack of supply that we have across Australia – and when you throw forward and think about building approvals at a 12-year low, that undersupply will continue to feel pain and place pressure on pricing.”

Brisbane’s median house price is now $924,498 – nearly $103,000 more than it was this time last year and a whopping $324,000 more than it was four years ago.

There have now been five consecutive quarters of house price growth, lifting Brisbane’s annual gains to their steepest since September 2022. Unit growth is now at a 16-year high; the median price has risen by 17.1 per cent over the past year to a record $549,704. Domain – 24 April 2024

Is it time to make a move? We have a number of properties “quietly” on the market. As discretion is our middle name, whether buying or selling, we tailor our approach to you and your needs. Use our experience and expertise to guide you out of your current home and into your new home.

We are here to assist you with all your real estate needs – we work for you.

Amanda Butler – Principal – 0438 767 439 – [email protected]

In our Clients words

We purchased our house from Amanda last year. She was a pleasure to deal with and I can thoroughly recommend her if you’re buying/selling in the Hamilton/Ascot/Clayfield/Hendra area. She was easy to deal with and communicated very openly which ultimately led to a great result. Highly recommend!

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