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Home values have risen 5.5 per cent in the past year, with the combined value of homes surpassing $11 trillion, according to new data.
Property data and analytics company CoreLogic has released its annual Best of the Best Report, showcasing how the property market has fared over the year.
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According to the report, which covers the 12 months to November, Australian house prices rose 5.5 per cent over the year.
While the Sydney and Melbourne markets have traditionally dominated the growth markets in Australia, this year, Perth had the most growth of the capital cities.
In fact, the city’s suburbs took out the top 10 spots for house price growth over the year, with all delivering growth of 30 per cent or above.
House prices in Perth’s Bellevue suburb grew the most, surging 36.9 per cent higher annually to a median value of $674,768.
The greater Perth suburbs of Balga and Stratton rounded off the top three, with both recording price growth of more than 34 per cent year on year to median values above $619,000.
But, according to CoreLogic’s data, half of the city’s suburbs now have a median house value below $661,000, which is the 25th percentile house value nationally.
Regionally, suburbs in Western Australia also featured heavily in the top house price growth markets. Four of the top 10 suburbs were based in Western Australia, including Beachlands, which took the top spot with an annual change in house prices of 38.4 per cent, taking it to a $391,659 median value.
The West Australian suburbs of Beverley, Wonthella and Karloo were also among the top 10 performers.
The Best of the Best Report revealed that the property markets across Australia experienced mixed results, however.
The annual value change across the capitals ranged from a 2.3 per cent fall in Melbourne to a 21.0 per cent rise across Perth, for example.
The regional markets mirrored a similar diversity in results, ranging from a 2.7 per cent drop in regional Victorian home values to a 15.5 per cent uplift in home values across regional Western Australia.
Queensland neighbourhoods featured prominently in the top 10 growth suburbs of the regions (in terms of price); six of its neighbourhoods completed the 10 list.
It was a similar story for the capital city neighbourhoods with the biggest 12-month changes in values for units, with all bar one suburb located in the greater Perth and Brisbane areas.
Unit prices were $484,906 in greater Perth suburb Armadale, up 45.6 per cent on the previous year to record the biggest increase of any capital city suburb. In total, four greater Perth suburbs featured in the top 10 list compared to five from greater Brisbane.
Salisbury East, in greater Adelaide, was the only capital city suburb to feature in the highest price growth for units, with flats there valued at $445,872 on average, 40.2 per cent higher annually.
Melbourne property prices continue slide
At the other end of the spectrum, the Victorian property market had a slowdown in growth in 2024.
According to CoreLogic, house values dropped 2.3 per cent in Melbourne over the year.
Indeed, the weakest performers among the capital city house suburbs for value growth were dominated by Melbourne, with six of the top 10 being based in the Victoria capital (although the top spot was taken out by Millner in Darwin, where values fell by 11 per cent).
Similarly, nine of the 10 worst-performing unit markets were found in Melbourne.
Venus Bay, in regional Victoria, was the weakest house market nationally, with values down 15.4 per cent, while Sunshine units in greater Melbourne had the biggest drop in unit values at 13.8 per cent.
Commenting on the report, Eliza Owen, CoreLogic’s head of research, said: “The market’s initial strength in 2024 gradually waned due to declining demand, rising levels of advertised supply, and a shifting outlook for inflation and interest rates.”
She said the trend was evident in the national CoreLogic Home Value Index, which slowed to just +0.1 per cent in November.
“Beyond the market conditions, the key theme throughout the year was one of variability,” Owen said.
“Even in high-growth markets of Adelaide, Brisbane and Perth, there are distinct signs of a cyclical slowdown, with the quarterly pace of gains easing over the course of the year.”
However Owen highlighted that house values in cities like Melbourne could rally in 2025.
“Interestingly, the quarterly value decline across weaker capital city performers has shown marginal signs of easing toward the end of 2024. This could signal some stabilising of values in weaker markets through 2025, and a narrowing of the range in capital growth over the next 12 months.”
[Related: National median dwelling price hits $800k]
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