Australian home values fall for first time since 2023
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Australian home values declined in December 2024 for the first time in nearly two years, dropping 0.1 per cent according to CoreLogic’s Home Value Index.
The decrease ended a growth period that began in February 2023 and peaked in October 2024.
“This result represents the housing market catching up with the reality of market dynamics. Growth in housing values has been consistently weakening through the second half of the year, as affordability constraints weighed on buyer demand and advertised supply levels trended higher,” CoreLogic research director Tim Lawless said.
Home values rose 4.1 per cent in the first half of 2024 before slowing to 0.7 per cent growth in the second half.
Overall, Australian home values increased 4.9 per cent in 2024, adding about $38,000 to the median home value.
Perth recorded the strongest annual growth at 19.1 per cent, followed by Adelaide at 13.1 per cent and Brisbane at 11.2 per cent.
Melbourne experienced the largest decline, with values falling 3 per cent over the year, while Hobart and the ACT dropped 0.6 per cent and 0.4 per cent respectively.
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Sydney remained Australia’s most expensive city with a median house price of $1,191,955, well above the national median of $814,837.
Adelaide emerged as the strongest performing market in the final quarter, with values rising 2.1 per cent compared to Perth’s 1.9 per cent and Brisbane’s 1.3 per cent.
“Extremely low advertised stock levels have continued to support strong growth conditions across Adelaide, with stock levels tracking -34 per cent below the previous five-year average in mid-December,” Lawless said.
Regional areas saw median values rise 6 per cent to $657,652, while capital cities increased 4.5 per cent to $896,372.