Nationally, dwelling values were steady in January, continuing a softer trend in housing conditions that has been evident through most of last year, and now into 2025.

The annual growth trend has more than halved since moving through a cyclical peak in February last year, slowing to 4.3% in January.

Drilling down, the national headline result was weighed down by the capital cities, where values fell 0.2%.  The combined regional markets were stronger, with values rising to new record highs with a 0.4% lift in values over the month.

Across the capitals, three of the eight cities recorded a decline over the month, led by Melbourne with a 0.6% fall, followed by the ACT and Sydney.  The mid-sized capitals are still seeing growth, but conditions have eased here as well.  Brisbane and Perth have recorded a clear and steady loss of momentum, especially in the detached housing sector where value growth has eased more noticeably.  Adelaide has shown a more resilient trend; although the pace of gains is slowing, Adelaide has led the growth tables over the past few months, taking over Perth’s top position.

Regional markets seem to be benefitting from a second wind in internal migration that is supporting demand.  However the trend has shifted from the heights of the pandemic where commutable lifestyle markets were standing out with the highest capital gains.  The strongest regional housing markets are now centred in regional Queensland, with Townsville (+25.8%), Central Queensland (+20.1%) and the Mackay region (+19.5%) leading the annual growth tables.

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State-based housing updates:

NSW

VIC

QLD

WA

SA

TAS

NT

ACT