National Housing Markets Show Steady Price Growth in May

The national housing market has demonstrated continued resilience, with steady price growth observed during the late autumn selling season, delivering positive outcomes for sellers across the country. According to recent data, house prices in most capital cities experienced an upward trend in May, with notable performers including Canberra, Brisbane, and Perth.

The latest figures reveal that the national median house price in capital cities increased by 0.3% in the May quarter alone. Quarterly house prices across the nation rose by 1.5%, marking a substantial 9.8% increase year-on-year ending May 2024. Despite variations among cities, the overall trend remains positive, with solid growth observed in both house and unit prices.

While most capitals reported increases in house prices, exceptions were noted in Melbourne and Hobart. However, the national unit prices saw significant gains, with Adelaide emerging as the top performer in this category.

Looking ahead, capital city housing markets are poised to maintain their momentum in 2024, with Sydney, Melbourne, Perth, Brisbane, and Adelaide expected to continue reporting robust results.