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 & April 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 capital city unit markets recorded very limited change in median prices, with Perth, Brisbane and Adelaide all recording similar levels of annual growth.
Clearance rates have shown improved strength in 2024. Limited listings and ongoing need for housing stock has translated into good success at auction. Results for April 2024 sit at 72.1 per cent, slightly behind 2022 results of 73 per cent, albeit well ahead of last year’s results. With limited listing numbers and expectations of interest rate reductions, we expect to see greater urgency enter the market, keeping clearance rates elevated this year.
Average West End Sales Prices April 2024
1 bed apartment $453,750 (Low $450,000 High $512,000)
2 bed apartment $710,000 (Low $553,500 High $1,305,000)
3 bed apartment – Low $2,050,000 High $2,200,000
House $1,685,000
West End Apartment Data – REA 8/5/2024
West End House Data – REA 8/5/2024
Capital City Unit Price Growth – RW 8/5/2024
