Australian Property Market Update: A Comprehensive Analysis

Published: 24th November 2023

G'day, property enthusiasts!

Welcome to our latest deep dive into the ever-evolving Australian property market for the week ending 24 November '23.

As your trusted Architect of Property Wealth, I'm here to unpack the latest trends and shifts that are shaping our real estate landscape.

From surging suburb values to the luxury market's impressive climb, this update is brimming with insights that every savvy investor and homebuyer needs to know.

So, grab a cuppa, and let's explore what's happening in our backyard!

Substantial Growth in Property Values Across Australia

In the past three months, we've witnessed an impressive surge in property values across more than 80% of Australian house and unit suburbs, signifying robust growth in the housing sector. This remarkable trend was highlighted in CoreLogic's recent analysis, which revealed that out of 4506 suburbs, 3714 experienced an increase in median values.

Particularly, house markets outshined unit markets, with 83.1% of houses seeing value increases compared to 80.6% for units.

Diverse Performance in Major Cities

While most areas showed positive trends, the performance varied significantly across different cities. Perth led the way with resilience, having only one house market with decreasing values. Other cities followed with varying numbers: Adelaide (3), Brisbane (4), Darwin (9), Hobart (18), Canberra (24), Sydney (48), and Melbourne (72).

This data underscores that the Australian real estate market is not monolithic but diverse and region-specific.

Australian suburb showing increased property value in real estate market.

High Demand in Suburban and Regional Areas

Where the Demand Skyrockets

The past year has seen a shift in buyer demand, particularly in suburban areas. As per PropTrack's data, there's been a noticeable increase in serious inquiries per online listing. Notably, Sydney and Brisbane have emerged as the dominant players, with suburbs such as Holgate and Chandler experiencing the highest demand.

This surge is attributed to buyers seeking properties that offer a balance of affordability and space.

Regional Markets Gaining Momentum

Queensland leads in regional market performance, with only 13% of house markets seeing a drop in values.
Other regions like Western Australia (23%), New South Wales (25%), and South Australia (37%) also showed considerable resilience.

CoreLogic’s Eliza Owen highlights that these trends reflect the continued growth and diversity in the Australian housing market, even amidst high interest rates and economic challenges.

The Luxury Market Continues to Shine

Australia's luxury property market is not just holding up; it's excelling. The Knight Frank Prime Global Cities Index reveals that Sydney's luxury property prices have risen by 4.2%, with the Gold Coast and Perth following closely.

This growth has placed Sydney as the eighth in the world for luxury property price growth, showcasing the strength and appeal of Australian luxury real estate on a global scale.

Predictions for 2024: The Potential for a Boom

The 2024 SQM Research Boom and Bust report forecasts a potential boom in certain capital cities, especially if population growth continues unabated. It predicts that cities like Perth and Brisbane could see significant price rises, driven by factors like the recovery of the Chinese economy and its demand for commodities.

Regional House Prices: A Steady Climb

Despite a slowdown earlier in the year, regional house prices are back on the rise. The increase in listings earlier had caused a temporary dampening of price growth, but as markets normalize, regional areas are catching up.

For instance, NSW saw a 4.4% increase in listings, reaching a three-year high.

Regional Australian housing illustrating rising prices in regional property markets.

Rasti's Take on the Market

As the Architect of Property Wealth, I see these trends not just as data points, but as stories of resilience, opportunity, and growth. Every figure represents a family's dream home, an investor's smart decision, or a community's development.

Embrace Your Property Journey with Rasti Vaibhav

Embarking on a property investment journey can be both exciting and daunting. Understanding the market dynamics is crucial, and that's where I come in – to guide and enlighten your path in property investing. Whether you’re looking to discuss your personal circumstances or eager to learn more about property investment, I’m here to help.

Book a one-on-one conversation: https://getrare.com.au/ready
Attend our educational workshops: https://getrare.com.au/workshop

Join me, Rasti Vaibhav, in transforming these market insights into your success stories. Let’s explore how property investing can work for you. Together, we can navigate the ebbs and flows of the Australian property market.