Australia’s property market has surged to a record value of $11.032 trillion in 2024, defying expectations of value drops and slowdowns.

According to the Australian Bureau of Statistics (ABS), the total value of residential dwellings across the country rose by 0.2% in the final quarter of 2024, indicating a steady market despite relatively flat growth during December.

ABS Head of Finance Statistics, Dr. Mish Tan, highlights that the overall market value continued to increase, underscoring the resilience of the housing sector.

By the end of 2024, the average price of residential dwellings in Australia reached $976,800.

Kevin Brogan from Herron Todd White is optimistic about further growth, citing lead indicators that suggest renewed momentum in the market.

“The number of auctions is steadily increasing, and clearance rates are firming in most capital cities,” Brogan notes.

“The market’s recovery, combined with falling interest rates, is expected to boost confidence in the residential property sector. Some buyers are already committing early to secure properties before potential price increases, driven not only by current interest rate cuts but possibly others as the year progresses.”

For mortgage lenders and investors, this market shift signals an opportunity for increased demand in the coming months.

As property values continue to rise, the outlook for residential lending remains positive, particularly as buyers seek to secure homes before prices climb further.