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In a year dominated by interest rate speculation and slowing price growth, here are the suburbs that returned big results for sellers in 2024.
According to CoreLogic, 528,000 dwellings were sold in the 12 months to November, representing an 8 per cent increase from the previous year and a 6 per cent growth from the previous five-year average.
Data from the national property analytics firm showed that two regional markets topped the national rankings for value growth, with Beachlands in Western Australia recording a 38.4 per cent increase in house values over the year, while Dolphin Heads in Queensland saw the largest rise in unit values with a 52.8 per cent growth.
Across the capital cities, Perth dominated the housing market, taking out all the 10 spots for the highest growth in house values in the last 12 months, with all suburbs in greater areas scoring a 30 per cent or above growth rate.
For unit markets, Perth took the first two spots on the list with Armadale and Dudley Park, which showed 45.6 per cent and 43.5 per cent growth respectively.
Brisbane recorded five suburbs in the top 10 performing areas for unit list that showed a growth ranging from 38.3 per cent to 43.4 per cent, while Adelaide rounded out the top 10 with Salisbury East units’ value rising by 40.2 per cent.
In comparison, the weakest performer among capital cities was Darwin, which scored the lowest 12-month changes in the value of houses, with a drop of -11 per cent. The rest of the list was dominated by Melbourne, which recorded six suburbs varying between a -8.5 per cent and -10.2 per cent decline in house value.
Similarly, the top 10 worst-performing unit markets were almost all found in Melbourne, recording nine spots except the sixth position taken by Kincumber in the greater Sydney region, which saw its unit value drop by nearly 11 per cent in the past 12 months.
Similarly to the capital cities, regional markets’ house values varied, with regional Western Australia and regional Queensland dominating the chart, showing a rise between 33.5 and 38.4 per cent, while Venus Bay in regional Victoria was the weakest house market nationally, with values down -15.4 per cent.
The same pattern followed suit for units in regional areas, with Queensland and Western Australia scoring top of the market, while Sawtell in NSW recorded the lowest unit change in value with a drop of -13.4 per cent.
Eliza Owen, CoreLogic’s head of research, said that while the country appeared currently split into two distinct markets, with capitals like Adelaide, Brisbane and Perth running at a high speed while Melbourne, Sydney and the ACT dropped back, the gap between these two cohorts was set to narrow in the months ahead.
“Even in high growth markets of Adelaide, Brisbane and Perth, there are distinct signs of a cyclical slowdown, with the quarterly pace of gains easing over the course of the year,” Owen said.
“Interestingly, the quarterly value decline across weaker capital city performers has shown marginal signs of easing towards the end of 2024.
“This could signal some stabilising of values in weaker markets through 2025 and a narrowing of the range in capital growth over the next 12 months,” she said.
Owen noted that buyers have responded to the higher interest rates and affordability challenges by turning their attention to more budget-friendly markets.
Across capital markets, Darwin dominated the list of “affordable” suburbs for houses, recording six suburbs, with Moulden’s median value being the cheapest in the country at $392,008.
Darwin also dominated the list for the most affordable unit markets in the capitals, with eight suburbs, including Bakewell, which scored in the top position with a median value of $278,855.
Nationally, Norseman in the Goldfields-Esperance region of Western Australia was named the most affordable house market with a median value of $80,289, while units in Laguna Quays in Queensland topped the list with a median value of $142,689.
In 2024, rent values in Australia remained high, but the strain on household demand led to slower rental growth, with the annual rent growth slowing to 5.3 per cent in the year to November, down from 8.1 per cent the previous year.
Owen attributed the slowdown was due to the ongoing cost-of-living pressures and lower net overseas migration.
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