House prices in Australia’s capital cities have reached new highs for the sixth consecutive quarter, but the pace of growth is decelerating.
Here’s your one-minute wrap on Domain’s latest House Price Report for the June quarter 2024.
The headline figure:
Combined capital city house prices rose 1.3 per cent in the June quarter, matching the previous quarter but slower than the same time in 2023.
The fast five:
- Sydney house prices hit a record high of $1.66 million, up 1.3 per cent for the quarter.
- Melbourne houses saw the strongest gain in 2.5 years, rising 1.7 per cent.
- Brisbane house prices are on track to surpass $1 million next quarter.
- Perth house prices surpassed $800,000, rising by $448 per day over the past year.
- Unit price growth slowed significantly, growing four times slower than the previous quarter.
What else you need to know:
Annual gains for both houses and units in combined capitals have slowed for the first time this growth cycle.
New listings are up 9 per cent year-on-year, indicating restored vendor confidence.
Domain’s Chief of Research and Economics, Dr Nicola Powell, says:
“The housing market remains resilient despite low consumer sentiment, economic pressures and high interest rates.
“Supply still remains constrained overall, weighed against a surge in demand from strong population growth and a tight rental market.”
Dive deeper:
To read the full Domain House Price Report for June Quarter 2024, click here.
