Forget doomsday predictions about property value drops and slowdowns, Australia’s property market value surged to a record $11.032 trillion in 2024.

The total value of residential dwellings across Australia rose by 0.2% in the last quarter of 2024, according to the Australian Bureau of Statistics. ABS head of finance statistics, Dr Mish Tan, says the overall value increased despite relatively flat growth for the December quarter (2024).

The data shows the average price of residential dwellings in Australia was $976,800 at the end of 2024. According to Herron Todd White’s Kevin Brogan, there is further growth ahead, with lead indicators showing some renewed energy in the market.  “The number of auctions is steadily increasing, and clearance rates are firming in most capital cities,” he says. “The awakening of the market and this downward move in interest rates are expected to provide a confidence boost to most residential property markets, and indeed, some purchasers are committing early to get ahead of any increase in prices that may be prompted not only by this cut but potentially others as the year progresses.”