A Deep Dive into Australia's 2024 Property Market Outlook

As per the recent Proptrack Report, the Australian property market witnessed a substantial 5.5% increase in national home prices throughout 2023, setting the stage for an intriguing outlook in 2024.

 

Australia's Resilient Property Market in 2023

 

The strength and pace of Australia's market rebound in 2023 surprised many experts, defying expectations of a decline in national home prices. Despite surging interest rates and historically low housing affordability, the market demonstrated resilience, with home prices rising by 5.5% year-to-date.



Key Trends Shaping for Australian Property Market in 2024

  • Sales Rebound: A strong rebound in sales volumes commenced in early 2023 and continued throughout the year, showcasing increased buyer activity.
  • Supply and Demand Dynamics: Limited supply and heightened buyer competition persisted, driven by low property availability. New listings increased, especially in Sydney and Melbourne, but did little to moderate price growth.
  • Shift in Buyer Preferences: Escalating costs of new home builds redirected demand towards established housing, creating a potential long-term challenge for the market.

  • Population Growth: Rapid population growth, with an increase of 563,205 persons in the 12 months to March 2023, fueled significant demand, especially in major capital cities.

 

Sydney Property Market in 2024 Spotlight

  • Continued Demand: Sydney's property market is expected to maintain robust demand, driven by factors such as population growth and economic resilience.
  • Limited Supply: Despite a lift in new listings, total listings in Sydney remain below the November decade average, contributing to constrained supply.
  • Persistent Price Growth: With demand outpacing supply, Sydney is poised for persistent price growth, making it a hotspot for potential property investment in 2024.

Conclusion

 

As we venture into 2024, the Australian property market, particularly in Sydney, promises continued growth fueled by unyielding demand and constrained supply. Investors and homebuyers alike should keep a keen eye on these trends, seizing the opportunities presented in this dynamic real estate landscape.

Source:

- https://www.realestate.com.au/insights/what-to-expect-from-the-property-market-in-2024/
- https://www.corelogic.com.au/news-research/news/2023/australian-home-values-surge-in-2023



Disclaimers: Data provided in this article is of a general nature and should not be construed as specific advice or relied upon in lieu of appropriate professional advice.