Let's look back and see which ASX shares vs. property markets delivered the best capital gains in 2024.
Shall we start with stocks?
The benchmark S&P/ASX 200 Index (ASX: XJO) lifted 7.49% last year, with total gross returns (including dividends) of 11.44%.
ASX technology shares outdid their peers by a long shot, with the S&P/ASX 200 Information Technology Index (ASX: XIJ) rising 49.54% over the year.
ASX financial shares also delivered outstanding returns, with the S&P/ASX 200 Financials Index (ASX: XFJ) ascending 28.22%.
We reveal the 10 best ASX 200 shares for capital growth last year in a table below.
Property was surprisingly resilient in 2024.
According to CoreLogic data, the median national dwelling value (incorporating all types of properties) rose by 4.9%, with total gross returns (including rents) of 8.9%.
Regional markets outperformed the capital cities.
The median dwelling value across the combined regional markets lifted 6%, with total gross returns of 10.6%. The combined capital cities delivered 4.5% capital growth and total gross returns of 8.3%.
Perth was the best capital city market for property investment last year. The median home value soared by 19.1%, and total gross returns were 24.5%.
Regional Western Australia was the best regional market, with a similarly impressive 16.1% capital gain and total gross returns of 23.5%.
Western Australia is a hot spot in every way at the moment.
It had the highest population growth in FY24, up 2.8%, due to strong net overseas migration and the second-highest level of net interstate migration among all the states and territories.
People moved to Western Australia due to jobs growth, strong wages, and better housing affordability.
Western Australia recently reclaimed the top spot for best economic growth for the first time in a decade in CommSec's State of the States report.
Workers are earning more in Perth than they would in Sydney or Melbourne, which is certainly appealing during a cost-of-living crisis.
The median house and apartment prices in Perth are also much cheaper than Sydney and Melbourne, even after another year of substantial growth.
As we head into 2025, the property market is cooling.
Higher interest rates, cost-of-living pressures, and reduced borrowing capacity chipped away at demand last year, and the supply of homes for sale increased markedly during the second half.
This took a toll, and in December, the median national home value fell for the first time in 23 months.
Perth, Brisbane, and Adelaide remain in growth mode, but prices are rising at a slower pace now.
The best property markets for capital growth in house prices are as follows:
| Rank | Property market | Median house price | 12-month price change |
| 1 | Perth | $847,518 | 18.7% |
| 2 | Regional Western Australia | $570,839 | 16% |
| 3 | Regional South Australia | $463,754 | 12.6% |
| 4 | Adelaide | $866,327 | 12.5% |
| 5 | Regional Queensland | $705,366 | 10.8% |
| 6 | Brisbane | $977,575 | 10.2% |
| 7 | Regional Tasmania | $545,090 | 3.4% |
| 8 | Regional New South Wales | $775,378 | 3.2% |
| 9 | Sydney | $1,470,625 | 2.5% |
| 10 | Darwin | $586,699 | 1.4% |
| 11 | Canberra | $965,910 | 0.4% |
| 12 | Hobart | $693,924 | (0.5%) |
| 13 | Regional Northern Territory | $421,601 | (2.5%) |
| 14 | Regional Victoria | $600,504 | (2.7%) |
| 15 | Melbourne | $917,616 | (2.9%) |
Here are the 10 best-performing ASX 200 shares for 2024 based on capital growth.
| Rank | ASX 200 share | Share price growth |
| 1 | Zip Co Ltd (ASX: ZIP) | 352.5% |
| 2 | Life360 Inc (ASX: 360) | 198.15% |
| 3 | Sigma Healthcare Ltd (ASX: SIG) | 162% |
| 4 | Pro Medicus Limited (ASX: PME) | 161% |
| 5 | Telix Pharmaceuticals Ltd (ASX: TLX) | 144.14% |
| 6 | Pinnacle Investment Management Group Ltd (ASX: PNI) | 126.69% |
| 7 | Clarity Pharmaceuticals Ltd (ASX: CU6) | 120.6% |
| 8 | TechnologyOne Ltd (ASX: TNE) | 103.71% |
| 9 | Hub24 Ltd (ASX: HUB) | 93.39% |
| 10 | Codan Ltd (ASX: CDA) | 88.3% |
View the outlook for shares vs. property in 2025 here.
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