Australian property values continue to increase with a 1.9% rise overall across the country in the 3 months to May 2024 and an 8.3% increase over the last year.

Property value increases in the capital cities over the last 3 months was lead by Perth with a rise of 6.1%, followed by Adelaide 4.3%, Brisbane 3.9%,Darwin 1.9%, Sydney 1.2%, Canberra 0.7% & Hobart 0.3%. The only capital city with a decrease in property values over the 3 month period was Melbourne which was down -0.2%.

The continued increase to property values across the country is being caused by the ongoing shortage of properties for sale. The national average Australia property value is now $785,556.

Since the pandemic, housing value increases in some regional areas of Australia have out performed the major cities. This is largely due to lifestyle changes and relocations prompted by lockdowns and working from home flexibility which have driven up demand.

The 10 regional cities with the strongest annual property growth are all located in Western Australia & Queensland. Bunbury showed the largest regional annual increase of 21% followed by Townsville 18%, Rockhampton, Busselton & Bundaberg all with a 17% increase, Gold Coast 16%, Toowoomba14% and Gladstone, Cairns & Mackay all increased by 12%.