PropTrack Home Price Index - October 2024

Key findings from the October 2024 report:

•National home prices lifted 0.26% to a new peak in October to sit 5.62% higher than a year ago.

•Prices in the combined capital cities increased 5.85% over the past year, after climbing 0.28% in October. However, price performance remained mixed across Australia.

•Price falls reversed in Melbourne as prices lifted 0.49%, the highest monthly growth rate among the capitals, following six consecutive months of declines with prices down 1.96% in that period.

•Following Melbourne, Adelaide (+0.43%) and Perth (+0.32%) recorded the strongest growth in October of the capital cities.

•Perth, Adelaide and Brisbane remained leading the capital cities for annual growth, with prices up 20.58%, 14.91% and 12.51% over the past year, respectively.

•Capital city prices outpaced regional areas over the past year and this trend persisted in October. Prices in regional areas rose 0.20% over the month to be 5.03% above October 2023 levels.

•Performance was also diverse in regional areas. Regional SA (+0.57%) and regional Queensland (+0.34%) led growth in October and recorded robust annual growth, while prices in regional Victoria saw relative weakness, down 1.51% over the past year.

Home price growth accelerates with spring selling season in full swing

Home price growth has reaccelerated after slowing through winter and early spring, with buyers out in force at the height of the spring selling season. National  home prices lifted 0.26% in October and are now 5.62% higher than a year ago.

Price growth regained momentum in every capital except Brisbane, Adelaide and Darwin in October, though remained below the pace seen at the end of the summer selling season, as buyers enjoy more choice.