July Property Market Update 2024
Over the past 30 days to 6 August 2024, national weekly asking prices increased by 0.4% for houses and decreased by 0.7% for units.
Vacancy rates
Vacancy rates slightly increased to 1.3% over the month of June with the total number of vacancies increasing from 35,641 in May to 40,486 vacant properties in June.
Across the past 30 days, vacancy rate increases were seen in:
Sydney, from 1.4% in May to 1.7% in June
Melbourne, from 1.3% in May to 1.5% in June
Brisbane, from 1.0% in May to 1.1% in June
Perth, from 0.6% in May to 0.8% in June
Adelaide, from 0.6% in May to 0.7% in June
Canberra, from 1,8% in May to 2.1% in June Hobart, from 1.4% in May to 1.5% in June
Vacancy rates remained unchanged in Darwin at 0.9% over both May and June.
Louis Christopher, Managing Director of SQM Research said, “Going forward, we can now expect home listings to rise from their Winter lull as we head towards Spring. That may well put further pressure on the housing market. However, we also believe any rates’ cuts would lift certainty from would-be home buyers towards the end of the year.”
Rental values
On 6 August 2024, SQM Research recorded that the combined capital city’s weekly rental asking prices decreased by 1.1% over the past 30 days. This is the second decrease in 2024, following decreases in June. The national combined weekly rental asking price remained unchanged.
Over the past 30 days to 6 August 2024, national weekly asking prices increased by 0.4% for houses and decreased by 0.7% for units.
The average national rental asking price is $695 for houses and $544 for units. Compared to last year, the national rental asking prices increased by 8.8% for houses and 8.2% for units.
Over the past 30 days to 6 August 2024, across capital cities, there was a 1.3% decrease in house prices to $827 per week and a 0.8% decrease in units to $622 per week. Compared to last year, capital city asking prices increased by 6.8 % for houses and 5.6% for units.
Property prices
After a surge in listings in June, July experienced a slowing in new listings due to caution from both buyers and sellers.
Louis Christopher, Managing Director of SQM Research said, “The housing markets in Sydney and Melbourne continue to slow, driven by some caution from home buyers and uncertainty by home sellers who have become a little more negotiable in recent weeks.”
At 6 August 2024
The national median asking price for houses was $931,740, an increase of 1.2% over the past 30 days and a 10.3% increase over the past year. The national median asking price for units was $553,806, remaining unchanged over the past 30 days and a 7.6% increase over the past year.
The capital city average asking price for houses was $1,380,926 and a unit was $553,806.
Capital city average asking prices for houses decreased by 0.6% over the past 30 days, yet increased by 8.5% over the past year. Capital city unit prices increased by 0.2% over the past 30 days and 7.7% over the past year.
Disclaimer:
The information enclosed has been sourced from SQM Research and Reserve Bank of Australia, and posted via PropertyMe for general information only. It should not be taken as constituting professional advice.
The Gallery Real Estate Agency Pty Ltd is not a financial adviser. You should consider seeking independent legal, financial, taxation, or other advice to check how the information relates to your unique circumstances.
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