The big news in shares vs. property is Brisbane overtaking Canberra as Australia’s second-most expensive city, with the median home value in the Sunshine State’s capital rising 1.4% last month.
The last time Brisbane was the second highest-value capital city in Australia was 27 years ago, in 1997.
The national median home value, which reflects all types of property in a single data point, rose for a 16th month, up 0.8%, according to CoreLogic data. The median house and apartment prices lifted 0.8% as well.
Meantime, the S&P/ASX 200 Index (ASX: XJO) rose 0.49%, thus recovering only a sliver of its 3% loss in April. But as usual, some stocks shot the lights out, including an ASX biotech that screamed 20.6% higher.
CoreLogic research director Tim Lawless said the May increase in the median home value was the strongest monthly gain since October 2023.
A lack of stock for sale in the strongest markets, which continue to be the mid-sized capital cities, once again powered the national benchmark increase.
Lawless commented:
The number of properties available for sale in Perth and Adelaide remain more than -40% below the five-year average for this time of the year while Brisbane listings are -34% below average.
Inventory levels in these markets remain well below average despite vendor activity lifting relative to this time last year.
Fresh listings are being absorbed rapidly by market demand, keeping stock levels low and upwards pressure on prices.
Perth, Adelaide and Brisbane recorded the highest home value growth in May at 2%, 1.8%, and 1.4%, respectively.
Among the regional markets, regional Western Australia dominated with 1.8% growth, followed by regional South Australia with 1.4%, and regional Queensland with 1.1%.
Shares vs. property price growth in May
Here’s how shares vs. property performed in terms of house price growth and share price growth in May.
| Property market | Median house price | Price growth in April | 12-month price growth |
| Sydney | $1,441,957 | 0.5% | 8.2% |
| Melbourne | $937,289 | 0% | 1.9% |
| Brisbane | $937,479 | 1.4% | 16% |
| Adelaide | $811,059 | 1.7% | 14.3% |
| Perth | $769,691 | 2% | 22.2% |
| Hobart | $697,770 | (0.5%) | (0.1%) |
| Darwin | $584,538 | 0.7% | 3.8% |
| Canberra | $961,403 | 0.5% | 2.8% |
| Regional New South Wales | $762,506 | 0.4% | 4.2% |
| Regional Victoria | $603,432 | (0.3%) | (0.6%) |
| Regional Queensland | $634,988 | 1% | 11.7% |
| Regional South Australia | $430,389 | 1.5% | 10.7% |
| Regional Western Australia | $519,311 | 1.8% | 15.2% |
| Regional Tasmania | $534,801 | 0.1% | 0.1% |
| Regional Northern Territory | $450,431 | 0% | (6.1%) |
Top 5 risers of the ASX 200 in April
The S&P/ASX 200 Index (ASX: XJO) lifted 0.49% in May.
According to CommSec data, these 5 ASX 200 shares were the outperformers.
| ASX 200 share | Share price growth in May |
| Telix Pharmaceuticals Ltd (ASX: TLX) | 20.6% |
| PEXA Group Ltd (ASX: PXA) | 19.3% |
| Alumina Ltd (ASX: AWC) | 16.6% |
| Pinnacle Investment Management Group Ltd (ASX: PNI) | 16.3% |
| A2 Milk Company Ltd (ASX: A2M) | 16.1% |
What drove the Telix Pharmaceuticals share price higher?
News released by Telix Pharmaceuticals on the final day of the month pushed the biotech share to the top of the ASX 200 group. The Telix Pharmaceuticals share price soared 15.31% on 31 May alone.
Telix is a commercial-stage biopharmaceutical company. It develops diagnostic and therapeutic products to treat cancer with new precision using targeted radiation.
Its diagnostic imaging can precisely locate the cancer. Its therapeutics can then deliver isotopes directly to affected cells, thereby protecting healthy tissue.
On 31 May, the company announced additional positive data from its ProstACT SELECT trial of TLX591.
TLX591 is a treatment for adult men with PSMA-positive metastatic castrate-resistant prostate cancer.
Telix said the study reported a median radiographic progression-free survival (rPFS) of 8.8 months.
This builds on prior data from the trial showing a favourable safety profile and biodistribution.
Dr Nat Lenzo, a nuclear oncologist and lead recruiter for the SELECT trial, said:
We are encouraged by this rPFS result …
This is a compelling signal of the potential efficacy of TLX591 in this heavily pre-treated population.
The results further support the development of this candidate in an earlier mCRPC patient population which is the focus of the ProstACT GLOBAL7 Phase III trial and where there remains significant unmet need for effective treatment.
Telix shares also rose by 2.53% on 22 May when the company held its annual general meeting.
In a speech, Telix Chair Kevin McCann said:
Despite all that we have achieved, there is plenty more to come. Indeed, it is the view of Management that 2024 is going to be the biggest year yet for Telix.
By the end of the year, we expect to have launched new products and territories, reported several key development milestones for our therapy programs and progressed some of our very exciting “next generation” assets â such as TLX592 and TLX300.
The post How ASX shares vs. property performed in May appeared first on The Motley Fool Australia.
Should you invest $1,000 in The A2 Milk Company Limited right now?
Before you buy The A2 Milk Company Limited shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and The A2 Milk Company Limited wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
See The 5 Stocks
*Returns as of 5 May 2024
More reading
- Here are the top 10 ASX 200 shares today
- What a pay rise for 2.6 million Aussies could mean for ASX shares
- Sell in May and go away? Not for these top 3 ASX 200 stocks!
- Up 80% in 2024, here’s why the Telix Pharmaceuticals share price is marching higher again on Monday
- Should you buy this defensive ASX 200 stock on a pullback?
Motley Fool contributor Bronwyn Allen has positions in Alumina. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended PEXA Group, Pinnacle Investment Management Group, and Telix Pharmaceuticals. The Motley Fool Australia has positions in and has recommended Pinnacle Investment Management Group. The Motley Fool Australia has recommended A2 Milk and Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Leave a Reply