Over the course of March 2024, home values increased 0.6% nationally. This continues a trend of 14 consecutive months of growth from January 2023 and recording new highs proceeding from November 2023. Bar Darwin, each and every other capital city in Australia showed a growth in property values over the month. The highest of which was the Perth market which had a growth of 1.9% in March. Following this, Adelaide at 1.4% and Brisbane at 1.1% rounded out the top 3. However, it must be noted that the other capitals indicated significantly lower rates with Sydney at 0.3%, Hobart at 0.2% and Melbourne showing no growth at all.
Source: CoreLogic
Despite the ongoing growth in the housing sector, the amount of increase in values has halved from the quarter in the middle of 2023 where house values rose 3.3% over the quarter.
It has been inferred that there is an undersupply of housing relative to the demand that has helped maintain the growth in home values. This is in spite of issues such as cost of living, interest rate rises and an increase in housing affordability affecting the average Australian.
The affect of both overseas and interstate migration on the Perth housing market may also be having an impact as net migration hit 18,122 over the September quarter of 2023. This is almost four times the decade average at 4,639. Coupled with another 2,237 from interstate migration, puts further pressure on the supply of property there.
Compared to previous months in 2023, home values in the lower quartile of the market trended upwards by 3.1% in the March 2024 quarter. This contrasts with the 0.7% increase over the upper quartile market.
The regional market over the March quarter was on par with the combined capitals.
The March quarter of 2024, showed that the number of property sales was approximated to be 9.5% higher relative to the same time period last year. Although it must be noted that the market bottomed out when it came to the number of available stock at that point in time.
