Australian home sales were up 8% in 2024, according to a report by CoreLogic today.
Home sales reached 528,000 nationwide from November 2023 to November 2024, up 6% from the previous five-year average.
“The market's initial strength in 2024 gradually waned due to declining demand, rising levels of advertised supply, and a shifting outlook for inflation and interest rates,” said CoreLogic Head of Research Eliza Owen.
According to the report, the lowest quartile of national market values rose by 10.3%, outperforming higher quartiles.
Home values in Australia have increased by 5.5%, with their combined value now above A$11 trillion.
“Beyond the market conditions, the key theme throughout the year was one of variability,” Owen said.
Regional markets saw the largest value increases. Western Australia’s Beachlands market rose by 38.4% in value, and Queensland’s Dolphin Heads posted 52.8% value growth for units.
However, regional Victoria’s Venus Bay had the weakest housing market nationally, with values declining by 15.4%.
Among capital cities, all of Perth’s suburbs saw growth at or above 30% this year. All of the top 10 suburbs with the strongest growth in housing values are located in Perth.
Early 2025 could see a minor decline in national home values, Owen said. "A change in the official cash rate target could then mark an inflection point, increasing demand in the second half of the year.”