September 2024: Property Market Trends
In September, Australia's property market experienced a continued upswing, although price growth slowed as more homes entered the market, offering buyers greater choice. Despite affordability constraints, demand remained strong, with national home prices rising by 0.04%, now 5.67% higher than a year ago.
Highlights from the PropTrack Home Price Index:
• Adelaide led the capital cities, with prices increasing by 0.53%, contributing to an impressive 15.05% annual growth. Low stock levels and strong demand continued to drive competition.
• Brisbane saw prices rise by 0.20%, reaching new peaks and remaining one of the top performers with prices up 13.31% compared to last year.
• Perth maintained its outperformance, recording a 0.24% increase in prices, with annual growth hitting 22.34%.
• Sydney prices were flat, though they remained at peak levels, 4.98% above September 2023.
These trends reflect a diverse and multi-speed market, with varied performance across capital cities and regional areas. As we move further into the spring selling season, we expect price growth to continue, albeit at a more moderate pace, influenced by high interest rates and other economic factors.
