A Two-Year Streak Ends: National Home Prices Fall in December

In December, the median price of an Australian home experienced its first monthly decline since December 2022, falling by 0.17%. Capital cities recorded the most notable declines, with prices dropping in every city except Perth and Hobart. In contrast, regional areas remained steady.

Contributing to the decrease in home prices were less competitive buying conditions, coupled with an elevated number of homes for sale at this time of year. Despite last month’s notable decline in national home prices, values remain 4.73% higher than 12 months ago.

According to GCCSA data for dwellings, houses, and units, Adelaide experienced 13% annual growth, with median values ranging between $595,000 and $849,000. Perth (+0.39%) and Hobart (+0.03%) were the only capital cities to see price increases in December, with Perth achieving a new record high.

Over the past 12 months, Perth has been the best-performing capital city, with prices rising by 17.59%. Adelaide and Brisbane followed, with annual growth of 13.53% and 11.35%, respectively.While December marked the first decline in national home values in two years, the momentum of price growth had been slowing since March 2024. This declaration has been observed across capital cities and regional areas, with even outperforming markets like Greater Perth showing signs of moderation.

The year 2024 has been characterised by some as the most variable housing market conditions across Australia. Double-digit price growth in markets such as Perth, Adelaide, and Brisbane contrasted with negative growth in Melbourne and Darwin.

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Sources:
https://www.realestate.com.au/insights/proptrack-home-price-index-december-2024/