Property prices edge higher in latest REIA market report

Australia’s property market recorded moderate growth over the December quarter of 2024, with house prices, other dwelling prices, and rents increasing slightly, according to the latest Real Estate Market Facts report from the Real Estate Institute of Australia (REIA).

National house prices rose by 0.7 per cent over the quarter, while prices for other dwellings increased by 0.8 per cent. The national median house price reached $1,058,442, reflecting a 5.2 per cent rise over the year. Adelaide recorded the strongest quarterly growth at 5.3 per cent, followed by Perth at 2.8 per cent.

REIA President Leanne Pilkington said Sydney remained the most expensive city for houses, with a median price of $1,645,444, 55.5 per cent above the national median. “Darwin remains the most affordable, with a median price of $546,200, which is 48.4 per cent below the national median,” she said.

The national median price for other dwellings reached $690,138, increasing by 4.8 per cent over the year. Sydney maintained the highest median for other dwellings at $812,863, 17.8 per cent above the national figure, while Darwin remained the most affordable at $370,000.

Rental prices also recorded marginal gains. The national median rent for a three-bedroom house rose by 0.2 per cent to $624 per week, with growth in all capital cities except Sydney, Melbourne and Darwin. Perth saw the highest increase at 3.2 per cent. For two-bedroom dwellings, the national median rent rose by 0.3 per cent to $626 per week, with Perth again leading with a 3.3 per cent rise.

Pilkington said the data highlighted varying trends across different capital cities. “While some markets experienced declines, strong growth in Brisbane, Adelaide, and Perth has contributed to overall stability,” she said.

The report also noted that affordability and supply remain key factors influencing property prices and rental movements as economic conditions continue to shift.