Perth shines in property boom as Sydney and Melbourne rally


Perth remains the hottest capital city property market in Australia, but Melbourne and Sydney are making a comeback, according to new research.

The latest Ray White House Report for February shows that over the past 12 months the median house price in the Western Australian capital has soared 17.5 per cent to $743,340.

This is followed by Adelaide, which is up 11.7 per cent to $776,125, and Brisbane, where the median house price has climbed 11.3 per cent to $891,270.

Ray White Group Chief Economist Nerida Conisbee said price growth continued across the country, but Perth was the clear leader.

“While this continues to be the hottest real estate market in Australia, Sydney and Melbourne recorded the highest growth for the month at 1.1 per cent,” she said.

After Sydney and Melbourne, the most price growth for February was in Hobart and Canberra, where prices climbed 1 per cent.

This was followed by Adelaide (0.8 per cent), Brisbane (0.7 per cent), Darwin (0.4 per cent) and Perth (0.2 per cent).

“While Sydney has taken a bit longer to recover compared to some of the smaller cities, it is off to a strong start,” Ms Conisbee said.

“Prices have risen by 3.1 per cent since the start of the year, the strongest of the capital cities over this time period. 

House prices are also on the rise in regional NSW, with the median price up 1 per cent for February and 8.3 per cent annually to $739,152.

“Regional NSW is also showing strength, up one per cent over the month,” Ms Conisbee said.

“Holiday home and lifestyle areas are also showing signs of recovery with Richmond-Tweed now exceeding COVID-era peaks.”

In the unit market it’s a similar story, with annual growth rates the highest in Adelaide (up 12.1 per cent), Brisbane (up 11.8 per cent) and Perth (up 11.2 per cent), while monthly figures for February have Melbourne (up 1 per cent ) and Sydney (up 0.8 per cent) leading the way.

Units Feb 2024

“In the unit market, shortages in stock are driving up prices in Adelaide, Brisbane and Perth, all up over 10 per cent for the year,” Ms Conisbee said.

“Positively for Melbourne, the city saw the strongest unit price growth in February.  

“What’s the outlook? With the possibility of rate cuts plus continued shortage of homes, it looks like we are on track for stronger price growth in 2024 than we were in 2023. 

“It remains a sellers market, however stock availability is improving which is positive for buyers looking to get into the market.”



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