Australia’s housing market has defied high interest rates, maintaining a steady pace in July 2024. CoreLogic’s latest data reveals a nuanced picture across various cities, with national dwelling values rising by 0.5% over the month and 7.6% year-on-year. This resilience is particularly striking against the backdrop of economic pressures and a challenging rate environment.
Sydney led the capital cities with a 0.3% monthly increase, marking a 5.6% rise over the past year. The median value in Sydney now stands at a hefty $1,156,020. The broader New South Wales region echoed this trend with a similar monthly growth of 0.3%, contributing to an annual increase of 4.0%.
Melbourne’s market showed a contrasting story. Dwelling values dipped by 0.4% in July, continuing a downward trend with a 0.9% quarterly decline. Despite this, Melbourne’s median value remains robust at $780,437. The rest of Victoria also experienced a decline, with a 0.7% monthly drop and a 1.4% yearly decrease.
Brisbane emerged as a strong performer, with a notable 1.1% increase in July, adding up to a substantial 16.0% annual growth. The median value in Brisbane reached $843,231. Similarly, the rest of Queensland saw a 0.7% rise for the month, contributing to an 11.9% yearly increase.
Perth’s housing market recorded the highest monthly growth among the capitals at 2.0%, pushing its annual growth to 24.7%. The rest of Western Australia followed suit with a 1.3% monthly rise and an 18.8% annual increase. Perth’s median value now stands at $736,649, reflecting the region’s robust demand despite supply constraints.
Adelaide and the rest of South Australia continued their upward trajectories. Adelaide saw a 1.0% rise in July and a significant 15.8% yearly increase, while the broader region posted a 0.9% monthly and a 10.7% annual growth. The median values for Adelaide and the rest of South Australia are $682,412 and $419,317, respectively.
Hobart and Darwin presented mixed outcomes. Hobart’s values dropped by 0.5% in July, marking a 1.2% annual decline. Conversely, Darwin experienced a 0.2% decline for the month but posted a 0.9% increase over the year. Canberra remained stable with no change in July, yet it achieved a 1.7% annual growth, maintaining a median value of $840,100.
The combined capitals rose by 0.5% for the month and 7.9% annually, while the combined regional areas showed a 0.4% monthly increase and a 7.2% yearly rise. Nationally, the median dwelling value climbed to $785,556, reflecting an ongoing demand-supply imbalance.
Despite the variances across regions, Australia’s housing market remains resilient, driven by limited supply and strong demand. The upper end of the market, however, shows signs of slowing, particularly in high-priced cities like Melbourne. As the year progresses, affordability issues might become more pronounced, potentially influencing future market dynamics.
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