Australian Property Market Update 2024: Latest Trends and Insights

Sample Australian Housing: Soar or Crash in 2024?

G'day Mates!

As we wrap up another eventful week, let's crack into the latest goings-on in the Aussie property market.

This week, ending 2 February '24, has been a bonzer one, packed with surprising trends and insightful data.

Whether you're a seasoned investor, a first-home buyer, or simply keeping an eye on the market, our roundup will give you the nitty-gritty on everything you need to know. So, grab a cuppa and let’s dive into the property world down under.

You're in for some real eye-openers!

Investor Intentions: A Resilient Outlook Amidst Economic Headwinds

The Australian property market is showing remarkable resilience, as evidenced by the latest Australian Property Investor Property Sentiment Report. Despite the challenges of high inflation and rising interest rates, the report highlights a stable property market sentiment.

• Four out of five investors anticipate property prices will rise in the next 12 months.

• Investors express concerns over increased taxes on land and properties.

The market sentiment is at a two-year high, signaling active investor engagement in 2024.

Surprise Top Performers: Suburban Markets Leading the Charge

Contrary to popular belief, the top-performing property markets in Australia aren't the beachfront or inner-city areas, but rather the suburban markets. This shift highlights the potential for growth in unexpected places.

Perth's Churchlands saw a staggering 50% increase in median house prices.

West Wyalong in New South Wales and Parkhurst in Rockhampton showcased significant growth.

Suburbs like Armadale and Brookdale in Western Australia, and Riverview at Ipswich in Queensland, have outperformed others in their respective states.

Coastal Properties: Maintaining Value in Affordable Regions

More than a third of Australia's regional coastal markets have reached record-high property prices. This trend is driven by markets offering a blend of value and lifestyle, particularly in areas like Western Australia and northern Queensland.

• Top performers include Bouvard (WA), Mulambin (QLD), and Port Vincent (SA).

• CoreLogic's Tim Lawless emphasizes the growth in areas offering affordable sea change options.

The Rental Market: Navigating Tight Conditions

The rental market in Australia continues to be tight, especially in inner-city suburbs. However, certain areas offer higher vacancy rates, presenting opportunities for tenants.

• Taylor, north of Canberra, and Berridale in NSW, offer higher vacancy rates.

• Suburbs on Melbourne’s fringe and certain regional areas like Dysart and Newman show more availability.

Regional Housing Demand: The Growing Attraction

The appeal of regional housing continues to grow, with an increase in city-to-region relocations. This surge is due to the combination of affordable living and the promise of a sustainable lifestyle.

• Capital city to regional relocations are 12% above the pre-COVID average.

• The Regional Australia Institute highlights the ongoing rise in regional populations and the consequent housing demand.

In summary, the Australian property market is dynamic and full of opportunities, whether it's in suburban growth, coastal affordability, rental availability, or regional attractiveness. Keeping abreast of these trends is crucial for making informed property decisions.

I’m Rasti Vaibhav, The Architect of Property Wealth

If you're looking to navigate this complex yet rewarding market, let's have a one-on-one conversation.

Discuss your personal circumstances and explore how property investing can work for you. Book a time with me at https://getrare.com.au/ready, or join one of our educational workshops at https://getrare.com.au/workshop to learn more.

The property journey is a thrilling one, and I'm here to guide you through every step.

Disclaimer: While the content we've shared is chock-full of information, remember it's general in nature. Your financial journey is unique, so it’s crucial to have a yarn with your own adviser before making any moves. This isn't personal advice, just a bit of friendly wisdom to ponder. Always tailor your decisions to your individual situation for the best outcomes.