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Ray White Now April 2024

By Rowena Hernandez

Both Australian house and unit prices have taken a break from robust increases this month, with both house and unit
property types recording no significant change in median prices. While volumes have been down, both vendors and
purchasers were a little quiet during the month of March waiting for the Easter period and subsequent school holidays
to end.
Sentiment, however, remains high with expectations surrounding interest rate reductions still on the cards, likely to
result in greater activity in May and beyond. The median Australian house price currently sits at $869,843, representing
a 10.4 per cent improvement over the last 12 months. Units continue to grow at a slower pace, recording a 7.9 per cent
increase over the same period to a median of $643,086.

Over the past month we’ve seen most markets showing stability in values, with the greatest growth coming from some
of Australia’s smaller markets which historically have shown more volatility. Hobart recorded a 0.4 per cent change to
a median of $783,280, while Darwin was up 0.2 per cent to $623,753 for homes. Perth houses continue to record
the greatest increased growth over the past year, but on a monthly basis this has slowed, recording -0.1 per cent this
period. With the issues of housing supply unlikely to be resolved in the short term, it’s expected that price growth will
continue from the current $766,980 house median.

Total median house price growth in regional Australia has moved similarly to metropolitan results, in the quest
for affordable housing choices or investment opportunities. This is most apparent in the improved prices across
New South Wales and Victoria, both up by 0.4 per cent this month, yet growth lags behind on an annual basis.
Continuing its trend, the increased need for accommodation in strong mining regions such as Western Australia and
South Australia has buoyed values ahead of the national regional average. Both markets continued to grow this month,
with Western Australia up 15.4 per cent annually to $479,713 and South Australia up 15.0 per cent (0.3 per cent last
month) to a median house price of $414,911.

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