Learning the ins and outs of the property market is like learning the rules to a new board game. 

It seems impossible at first, and then before you know it, you can’t stop thinking about it.

One of the biggest challenges with entering the property market (outside of pulling together a mammoth-sized deposit) is getting a lay of the land and understanding what the property market looks like in present day.

A snapshot of the Aussie property market over the last year:

We know that the property market boomed during the pandemic, and it felt like houses were being bought left right and centre.

Prices started stabilising, then started rising again in 2023, and then started to slow down this year.

According to CoreLogic, national house prices increased 7.6% for the year ended July 2024. 

But not every state has contributed equally to that growth. 

Looking at capital cities, house prices in Melbourne dropped 1.3% in the year ended September 2024, meanwhile, Sydney prices rose 4.6% in the same time period, and Queensland prices jumped 14.6%.

Perth shot every other city out of the park, with house prices jumping a massive 24.7%.

Growth in the mining industry has contributed to Perth’s fast-growing property prices.

24.7% vs -1.3% - you can tell which state’s been carrying the Aussie property market this year!

This year, we’ve been seeing prices rising at different rates in different states, so let's take a closer look at the localised market in each state.

Here are the top performing suburbs of each state and their growth rate for the 12 months to October 2024 according to Real Estate Australia.

New South Wales (Houses)

‍New South Wales (Units)

Victoria (Houses)

‍Victoria (Units)

Queensland (Houses)

‍Queensland (Units)

Western Australia (Houses)

Western Australia (Units)

South Australia (Houses)

South Australia (Units)

Now, that is a LOT of data, but even a quick skim of those numbers makes it pretty clear that although the property market is in a bit of a ‘lull’ at the moment, there are always outliers that defy the pattern.

It’s also clear that there isn’t a single national property market, but instead every region has its own property market, with its own unique features.

Which means, a snapshot of the national property market is only the starting point.

From there, you can delve deeper into specific suburbs to analyse the property market in that area.

If you’re keen to understand more about how to break down suburb data to buy a property, check out our Investing In Property Academy. 

While it’s catered towards property investors, there’s tons of nuggets in there for anyone that’s keen to learn about how to analyse suburb data.