According to research, Australia’s property market in 2024 showcased a remarkable divergence, with 85% of suburbs experiencing price growth, and approximately 1,500 suburbs achieving double-digit increases. This performance underscores the dynamic nature of the housing market, influenced by various factors across different regions.

Capital Cities: The Standout Performers

Perth emerged as the clear frontrunner among Australia’s capital cities in 2024, dominating the rankings for both house and unit price growth. With a combination of affordability, strong demand, and a thriving local economy, Perth has become a hotspot for property buyers and investors alike.

Top 5 Suburbs for House Price Growth in 2024:

1. Brendale, QLD – Median: $629,600 | Annual Growth: 36.8%
2. Medina, WA – Median: $531,600 | Annual Growth: 36.4%
3. Lockridge, WA – Median: $587,900 | Annual Growth: 36.1%
4. Girrawheen, WA – Median: $632,400 | Annual Growth: 36.0%
5. Wattleup, WA – Median: $906,500 | Annual Growth: 35.8%

Top 5 Suburbs for Unit Price Growth in 2024:

1. Girrawheen, WA – Median: $504,400 | Annual Growth: 44.6%
2. Slacks Creek, QLD – Median: $474,300 | Annual Growth: 41.7%
3. Orelia, WA – Median: $332,000 | Annual Growth: 41.5%
4. Success, WA – Median: $519,900 | Annual Growth: 41.0%
5. Swan View, WA – Median: $485,400 | Annual Growth: 40.9%

Girrawheen, located in Perth’s northwest, was a standout, with unit prices increasing by 45% and house prices rising by 36%. This exceptional growth highlights the suburb’s growing appeal, driven by its affordability and proximity to key amenities.

Outside Perth, Adelaide and Brisbane secured their places as the second and third best-performing capital cities, with dwelling price growth of 14.6% and 12.6%, respectively.

• Adelaide’s Northern Suburbs: Elizabeth Downs, Davoren Park, and Elizabeth Park led with house price growth of 30%.
• Brisbane’s Logan-Beaudesert Region: Suburbs like Slacks Creek, Woodridge, and Waterford West saw unit price growth surpassing 40%.

In contrast, Melbourne faced challenges, with house prices declining by 1.7% and unit prices by 1.1%. However, affordable outer suburbs such as Albion (unit prices up 18%) and Junction Village (house prices up 6%) showed resilience.

Regional Australia: The Hidden Gems

Regional markets delivered extraordinary results, particularly in Queensland and Western Australia, which claimed all top 50 spots for price growth in 2024.

Top 3 Regional Suburbs for House Price Growth:

1. Rangeway, WA – Median: $251,500 | Annual Growth: 41.4%
2. Vincent, QLD – Median: $422,300 | Annual Growth: 37.1%
3. Cranbrook, QLD – Median: $479,700 | Annual Growth: 35.9%

Top 3 Regional Suburbs for Unit Price Growth:

1. Geraldton, WA – Median: $351,300 | Annual Growth: 40.0%
2. Idalia, QLD – Median: $344,000 | Annual Growth: 33.2%
3. South Gladstone, QLD – Median: $237,300 | Annual Growth: 32.8%

Townsville emerged as a regional powerhouse, with suburbs such as Vincent, Cranbrook, and Heatley recording house price growth exceeding 35%. Meanwhile, South Australia’s Barossa-Yorke-Mid North precinct and New South Wales’ Richmond-Tweed region also delivered solid performances.

In Victoria, growth concentrated in regional areas like Shepparton and the North West, where Kerang, Rutherglen, and Dimboola led the way.

2025 Market Predictions: A Slower But Steady Path

The outlook for 2025 suggests continued property price growth across most regions, though at a slower pace than 2024. Markets with strong population growth, appealing lifestyles, and easy access to urban hubs are expected to outperform.

Key factors to watch include:

• Population Growth: Suburbs experiencing migration or local demand spikes will likely see sustained growth.
• Interest Rates: While cuts are anticipated, the timing and magnitude remain uncertain, adding unpredictability to buyer and investor sentiment.

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