Australian Property Market Update: March 2024
Latest insights into property market trends, price movements, and what this means for buyers and investors across Australia.
The Australian property market continues to show resilience despite economic headwinds. This comprehensive update examines the latest trends, price movements, and what they mean for buyers, sellers, and investors in the current landscape.
National Growth (YoY)
Avg. Days on Market
Clearance Rate
Avg. Interest Rate
National Overview
The Australian property market showed continued strength in early 2024, with national dwelling values rising 2.3% year-on-year. This growth, while moderate, demonstrates the market's resilience amid economic uncertainty.
Positive Trends
- Population growth driving demand
- Low unemployment supporting borrowing capacity
- Strong construction pipeline
- International migration rebound
Challenges
- Interest rate uncertainty
- Cost of living pressures
- Housing affordability concerns
- Supply chain constraints
Capital Cities Performance
Performance varied across capital cities, with Perth leading growth while Sydney and Melbourne showed more moderate increases:
Sydney
Median House Price: $1,485,000
Year on Year
Melbourne
Median House Price: $1,021,000
Year on Year
Brisbane
Median House Price: $825,000
Year on Year
Perth
Median House Price: $695,000
Year on Year
Adelaide
Median House Price: $785,000
Year on Year
Canberra
Median House Price: $965,000
Year on Year
Market Leaders
Strong mining sector and interstate migration
Olympics infrastructure and lifestyle appeal
Stable Performers
Mature market with steady demand
Recovery from pandemic impacts
Interest Rate Impact
The RBA's monetary policy continues to influence market dynamics, with current rates at 4.35% affecting both buyer sentiment and borrowing capacity.
Current Rate Environment
RBA Cash Rate
Avg. Variable Rate
Avg. Fixed Rate (3yr)
Market Outlook
Looking ahead, several factors will shape the property market through 2024:
Expert Predictions for 2024:
- Continued moderate growth of 2-4% nationally
- Regional markets may outperform capitals
- Interest rates likely to stabilize or decrease
- First home buyer activity to increase
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Table of Contents
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