Home Values Rose by $38,000 in 2024—Here’s What That Means for You

If you're looking to enter the Australian property market in 2025, staying informed about local real estate trends is more important than ever.

A mix of economic uncertainty, low unemployment, labour shortages, anticipated interest rate cuts, and an upcoming federal election will all play a role in shaping the market.

At the end of 2024, headlines focused on a 0.1% decline in home values in December—the first drop in two years. But what many reports failed to mention is that overall, home values rose by 4.9% in 2024. According to CoreLogic's Home Value Index, the average Australian home is now worth $38,000 more than it was 12 months ago.

Perth’s Property Market Remains Strong

While some markets have faced challenges, Perth has remained one of the strongest performers, with continued price growth driven by high demand and low housing supply. With property availability 40% below the five-year average, competition remains fierce, making it a great time for sellers and an important moment for buyers to act wisely.

What This Means for Buyers and Sellers

If you’re thinking of buying or selling, don’t let sensational headlines dictate your decisions. Instead, focus on what’s happening in your local market—that’s what truly matters.

Before making a move, speak with a local real estate expert who can provide:

• The average price range for homes in your target area
• How long properties typically stay on the market
• Upcoming developments that may impact property values
• School quality (even if you don’t have kids, this matters for resale value)
• Healthcare facilities, commute times, and major employers in the area
• Local taxes, utility costs, and zoning restrictions

The Bottom Line

Making smart real estate decisions requires more than just reading headlines. Whether you’re buying or selling, the key is local knowledge and expert guidance.

Thinking about making a move? Let’s chat about the latest market insights in your area.

Paulette Contessi 

Director / Licensee

CONTESSI PROPERTIES