As 2024 begins, the Australian property market is showing great vitality. The latest Corelogic Hedonic Home Value Index report shows that dwelling** across Australia continued the trend in January, rising by 04%, which is the 12th consecutive month of upward trend, strongly underscores the solid development of the Australian property market.
Looking down into the performance of different regions, the Australian property market has significant geographical differences, with Perth house prices being particularly eye-catching. As the capital of Western Australia, Perth's home value climbed to a new high in January, growing by 16%, and the cumulative value increase in the past year is 167%, making it one of the most prominent cities in Australia for house price growth. Even so, Perth's house prices have maintained a degree of affordability relative to other capital cities, with median house prices hovering around $677,000, providing a good entry opportunity for home buyers.
It is worth noting that the overall upward trend in Australian house prices has been accompanied by a widening gap in the growth rate of detached homes compared to apartments, a phenomenon that has been seen across the country, especially in capital cities, where the median spread between the two has reached a historic 452% recorded.
In terms of Australian rents, the market is also showing strong growth. According to the report, in January this year, the national rent index saw its largest monthly increase since April last year, with a month-on-month increase of 08%。Perth and its region, in particular, such as Western Australia, have seen significant rentals for both detached houses and apartments, becoming the main driver of growth in the current rental market.
Overall, in the face of multiple factors such as easing inflationary pressures, interest rate adjustment expectations and demographic changes, the direction of the Australian property market will be more diversified in 2024, and Perth, as a bright spot, will continue to attract market attention for its rising house prices and rents. In addition, the strong performance of regional markets, especially in Western Australia, bodes well for the future trend of the Australian property market and investment hotspots.