House and unit prices continue to rise; rental trends vary across capital cities
Australia’s property market experienced slight growth in the December 2024 quarter, with house prices, unit prices, and rents edging higher, according to the Real Estate Institute of Australia’s (REIA) Real Estate Market Facts report.
Nationally, house prices increased by 0.7%, while units rose by 0.8%. Rental prices also saw modest gains, with house rents rising 0.2% and unit rents up 0.3%.
REIA president Leanne Pilkington (pictured above) said the national median house price reached $1,058,442, marking a 0.7% rise over the quarter and a 5.2% increase from the previous year. Among capital cities, Adelaide recorded the strongest quarterly growth at 5.3%, followed by Perth at 2.8%.
“However, Sydney, Melbourne, Canberra, and Darwin saw declines,” Pilkington said. “Sydney remains the most expensive city for houses, with a median price of $1,645,444, which is 55.5% higher than the national median. Meanwhile, Darwin remains the most affordable, with a median price of $546,200, 48.4% below the national median.”
The median price for units increased to $690,138, reflecting a 0.8% quarterly rise and a 4.8% annual increase. Sydney remained the most expensive market for units, with a median price of $812,863 — 17.8% above the national median — while Darwin was the most affordable at $370,000, 46.4% below the national median. Melbourne, Hobart, and Darwin were the only cities to record price declines in this category.
The REIA quarterly report also showed varying rental market trends across the country. The national median rent for three-bedroom houses increased to $624 per week, a 0.2% rise over the quarter. Rents increased in most capital cities, except for Melbourne, where they remained unchanged, and Sydney and Darwin, where they fell. Perth led the growth with a 3.2% rise.
For two-bedroom units, the national median rent climbed 0.3% to $626 per week. Brisbane, Adelaide, Perth, and Canberra recorded rent increases, while Melbourne and Darwin saw declines. Perth again posted the largest gain, at 3.3%.
“The latest results reflect the dynamic nature of Australia’s property market, where price and rent movements vary significantly across capital cities,” Pilkington said. “While some markets experienced declines, strong growth in Brisbane, Adelaide, and Perth has contributed to overall stability.”
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