A variable Australian property market holds firm in 2024 as west coast investors cash in

If there is one word to describe the Australian property market this year, it’s resilience.

That’s according to data released by CoreLogic today as part of its Best of the Best report.

Despite the cash rate remaining unmoved at 4.35 percent in 2024, home sales went up by 8 percent compared with last year and increased 6 percent on the previous five-year average. In signs that property continues to be a sound choice for investors, home values have risen 5.5 percent over the past 12 months, with the overall value of Australian homes now in excess of $11 trillion.

Head of research at CoreLogic, Eliza Owen, noted that there was significant ‘variability’ across markets, with Melbourne recording a fall of -2.3 percent in annual values while Perth saw home values rise by 21 percent over the same period. It was a similar story in regional areas, with regional Victoria experiencing falls of -2.7 percent and regional Western Australia witnessing a 15.5 percent increase.

Indeed, the Geraldton suburb of Beachlands in WA took out the top spot for the greatest increase in house values nationally, with a rise of 38.4 percent. In the unit market, Dolphins Heads in the Mackay region of Queensland experienced the most growth this year, with an increase in values of 52.8 percent. In capital city markets, Perth took out all 10 spots for strongest growth in house values.

While the greatest gains in terms of percentages were in the bottom quarter of the market, the greatest results were at the luxury end, with Sydney’s Mosman holding its position with the highest total value of house sales over the past 12 months at $1.652 billion.

While it has been a good year for those already in the market, there are indicators that conditions in 2025 could soften, with the final quarter of 2024 recording less robust results.

“The market’s initial strength in 2024 gradually waned due to declining demand, rising levels of advertised supply, and a shifting outlook for inflation and interest rates,” Ms Owen said.

However, she said an anticipated interest rate cut in the first half of 2025 and the possibility of wages growth next year made further increases in property values hard to predict.

“While market conditions are broadly expected to improve off the back of a cash rate

reduction in 2025, there will still be considerable diversity in housing market performance,” she said.

Property has always been about more than buying and selling. A home can represent a fresh start, a long-term investment, an architectural idea or a connection to a particular neighbourhood. Even when people are not planning a move, many still enjoy following the market, researching local areas and discovering the stories behind remarkable homes.

Atlas Real Estate is responding to that wider interest by creating more ways for people to engage with property. Bringing listings, market information, local perspectives and lifestyle stories together, Atlas offers a destination for anyone curious about homes and the communities surrounding them.

It reflects the reality that people approach real estate with different needs and motivations. One visitor might be actively searching for a new home, while another may want to understand recent results in their suburb. Others might be keeping an eye on changing market conditions, exploring an unfamiliar area or simply appreciating thoughtful architecture and premium residential design.

At atlas.com.au, those interests meet in one place. Visitors can browse properties for sale and recent results, while also exploring market insights, featured homes, local stories and introductions to the people behind Atlas. The result is an experience designed to remain relevant before, during and after a traditional property transaction.

“We’re reimagining real estate around how people actually engage with property today — bringing together market insight, exceptional homes, local perspective and lifestyle in a way that feels more relevant and useful,” says Michael Coombs, Director of Atlas Real Estate.

That approach recognises that an interest in property rarely begins on the day someone decides to buy or sell. A future buyer may spend months learning about suburbs, monitoring prices and refining their sense of what they want. A homeowner might follow nearby sales to understand the changing value and character of their area. An investor may be looking for broader market context, while a design enthusiast may be drawn to an exceptional renovation or a distinctive piece of architecture.

By accommodating those different forms of curiosity, Atlas aims to make engaging with real estate feel less transactional and more connected to everyday life. Property is shaped by its surroundings: the streets, businesses, landscapes and people that give a place its identity. Understanding a home therefore means looking beyond its floor plan or sales history to consider the lifestyle and community that come with it.

This broader perspective also gives local stories a meaningful role. Suburbs are constantly evolving, influenced by new businesses, changing demographics, design trends and the people who choose to make them home. Content that explores these forces can help readers build a richer understanding of an area, whether they are preparing to move there or simply want to stay informed about their own neighbourhood.

The same is true of market information. Sales results and property data are most useful when they are accessible and supported by context. Bringing recent results together with insights and local knowledge can help people follow the market on their own terms, without suggesting that every visit must lead immediately to a transaction.

For Atlas, this thinking forms part of “Real Estate, Reimagined”, its broader brand campaign focused on using brand, creativity and technology to deliver a more relevant, useful and human real estate experience. Rather than treating technology as an end in itself, the emphasis is on how it can make property easier and more engaging to explore.

That human focus matters because real estate decisions are often closely tied to significant moments in people’s lives. A move may be connected to a growing family, a new job, a change in lifestyle or a long-held ambition. Even outside those milestones, homes and neighbourhoods remain a source of interest because they reflect how people live and how communities develop.

Atlas’s approach makes room for both the practical and aspirational sides of that interest. Readers can seek out information with a clear goal in mind or browse simply because a property, place or story captures their attention. In either case, they can move easily between homes, results, market perspectives and local inspiration.

The ambition is not to redefine why people care about property, but to reflect the many reasons they already do. By combining useful information with engaging editorial content, Atlas is creating a place for buyers, sellers, homeowners, investors and the property-curious alike.

Whatever brings you to property, discover more at atlas.com.au

A variable Australian property market holds firm in 2024 as west coast investors cash in

The old adage ‘as safe as houses’ still holds true for Australian property owners

Atlas Real Estate is reimagining how people connect with property, combining listings, market insights, local stories and lifestyle content in one destination for those buying, selling or simply exploring the market.