According to CoreLogic data, Australian house prices have experienced a 10 percent surge across all capital cities as of January 31st. This outpaces the 5.1 percent increase in U.S. house prices over the same period. Perth had the highest rise in property prices, while Hobart and Darwin experienced slight declines. Sydney, Brisbane, and Perth saw the most significant increases in home values. The median value of a home across Australian capital cities was $836,013 as of January 31, 2024.
Research director Tim Lawless remarked that Perth’s housing market continues to show a persistent rate of capital gains, with housing demand exceeding supply. Despite this, Perth’s housing prices remain relatively affordable compared to most capital cities. The overall growth trend in capital city property values has slowed, particularly in Melbourne and Sydney. Prices have risen by 1 percent in January, with more than 115,000 properties sold in the quarter ending January 31, 2024.
In the United States, S&P CoreLogic Case-Shiller Index data showed that house prices have risen 5.1 percent over the year. However, a 0.2 percent month-on-month fall was reported in November, with Detroit noted as the best-performing market and Portland experiencing a 0.7 percent decline over the year. House price increases are expected to continue throughout 2024, driven by pent-up buyer demand and a continued shortage of inventory.