{"id":5522,"date":"2024-12-12T09:32:48","date_gmt":"2024-12-11T23:32:48","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5522"},"modified":"2024-12-12T09:32:48","modified_gmt":"2024-12-11T23:32:48","slug":"how-did-property-prices-go-in-2024-and-whats-tipped-for-2025","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/how-did-property-prices-go-in-2024-and-whats-tipped-for-2025\/","title":{"rendered":"How did property prices go in 2024? And what\u2019s tipped for 2025?"},"content":{"rendered":"

\"\"As we head towards the end of 2024, let\u2019s take a look at how property markets performed over the last year \u2013 and discover what the experts say may lie in store for home prices in 2025.<\/strong><\/p>\n

2024 has been a year of change, with property values and market conditions shifting across many of our state and territory capitals.<\/p>\n

In fact, the only constant has been the\u00a0Reserve Bank of Australia\u2019s cash rate<\/a>, which has held steady at 4.35% since November 2023.<\/p>\n

After a year that saw home values rise nationally by 5.5%,\u00a0according to CoreLogic<\/a>, it\u2019s worth looking at what we can expect in the new year.<\/p>\n

The Australia-wide picture<\/h3>\n

November 2024 saw home values rise nationally by a barely perceptible 0.1%.<\/p>\n

Technically speaking, it\u2019s the 22nd straight month of growth since January 2023. But realistically, 0.1% hardly qualifies as a cracking pace of growth.<\/p>\n

Quite simply, CoreLogic says the market is losing steam, and a downturn is gathering momentum \u2013 particularly in Melbourne and Sydney.<\/p>\n

That\u2019s good news for buyers who may be able to take advantage of softer price growth in 2025.<\/p>\n

However, in a market as large and diverse as Australia, it pays to drill down to local trends.<\/p>\n

With this in mind, let\u2019s take a look across our major capital cities.<\/p>\n

Queensland<\/h3>\n

Brisbane home prices have climbed 12.1% over the past year. Can the growth be maintained? Maybe, though perhaps not to the same extent.\u00a0Domain is predicting<\/a>\u00a0price growth ranging from 5-7% for houses, and 7-9% for apartments in 2025.<\/p>\n

New South Wales<\/h3>\n

Sydney is up 3.3% over the past year and likely hit a cycle peak in August. Home values have flattened or fallen ever since, says CoreLogic, with the city\u2019s median home price of $1.2 million proving an affordability challenge. Domain is predicting a 4-6% rise in home values through next year.<\/p>\n

Victoria<\/h3>\n

Melbourne took out the wooden spoon for property price growth in 2024, recording a 2.3% fall in prices over the last 12 months. The new year could bring a change of pace. Domain predicts house values could rise 3-5% in 2025 though apartments are expected to drop by up to 2%.<\/p>\n

Australian Capital Territory<\/h3>\n

Home prices in Canberra have barely budged in 2024, declining by just 0.1% in the past 12 months. Domain is taking an optimistic view, expecting house values to rise by 3-5% next year, while unit values could drop by up to 4%.<\/p>\n

Tasmania<\/h3>\n

Hobart values fell 1% in the year to November, bringing the total falls to 12.1% since the market peaked in March 2022. However, more affordable prices plus generous stamp duty reforms launched in mid-2024 could make 2025 a big year for first home buyers in Tassie.<\/p>\n

South Australia<\/h3>\n

Home values in Adelaide have jumped 14% over the past year. However, CoreLogic says Adelaide\u2019s 2.8% rise in values over the past three months was the lowest since June 2023. Even so, there may be plenty of steam left in the market, with Domain forecasting a 7-9% rise in prices in 2025.<\/p>\n

Western Australia<\/h3>\n

Perth has seen home prices soar 21% over the past 12 months. But with listings up 33% in November, CoreLogic says the pace of price growth is slowing. Domain is expecting prices to rise by a more modest 8-10% next year \u2013 still nothing to sneeze at.<\/p>\n

Northern Territory<\/h3>\n

Prices in Darwin have barely budged this year, mustering up just 0.9% growth over the past 12 months. Next year may be better.\u00a0SQM Research<\/a>\u00a0is predicting home values in Darwin could rise anywhere from 3% to 10% in 2025 depending on interest rates and population growth.<\/p>\n

Get to know your borrowing power<\/h3>\n

A cooler market could be the opportunity you\u2019ve been itching for to buy a property next year.<\/p>\n

Call us today if buying a first home, investment property or upgrading your current home is on your radar for 2025 \u2013 we\u2019ll help give you a clearer idea of your borrowing power.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

As we head towards the end of 2024, let\u2019s take a look at how property markets performed over the last year \u2013 and discover what the experts say may lie in store for home prices in 2025. 2024 has been a year of change, with property values and market conditions shifting across many of our […]<\/p>\n","protected":false},"author":23,"featured_media":5523,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5522","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nHow did property prices go in 2024? 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