Aussies could be slugged tens of thousands more as australian house prices to soar again in 2024
Australian property price growth is set to continue next year, but the outcomes will be varied across the nation. Image: Canva.
  • Larger cities like Melbourne, Brisbane, and Sydney expected to have a strong 2024.
  • Supply is expected to remain a major challenge in 2024.
  • Apartments to perform well as affordability challenges bite.

Australia’s property market will continue to fire in 2024, with strong demand pushing prices even higher.

Analysis of the market over the past 12 months shows that transaction levels are up in more than three-quarters of suburbs which is generally a precursor to future property price growth according to Hotspotting general manager, Tim Graham.

Graham says residential real estate defied the dire predictions of some commentators in 2023 that prices would plunge on the back of continual interest rate rises and he expects that to continue to be the case.

“What we are seeing is real positivity in the market and we believe that momentum will continue,” he said.

“Those who hesitated to buy at the start of 2023, will need to pay tens of thousands of dollars more to secure the same property today. And that’s exactly what is going to happen again in 2024.”

Tim Graham, Hotspotting

Graham said regional markets, which experienced extraordinary growth in 2022 and early 2023, will take a back seat to capital city markets in 2024, as will the smaller capital cities of Perth and Adelaide.

“It is the larger capital cities that will achieve strong results in early 2024,” Graham said.

“Price growth softened in Melbourne, Brisbane and Sydney at the start of 2023, but now we are starting to see a dramatic turnaround. In each of those capital cities, the vast majority of suburbs already have positive momentum in their markets.”

Graham said the biggest issue affecting the Australian housing market and Australian house prices was supply, and nothing was going to change that in the next year.

“Not enough new properties are being built and demand continues to grow.”

“Even though the Federal Government has moved to reduce immigration to more sustainable levels and is now trying to incentivise foreign investors to put their money into buildtorent projects by reducing application fees, it won’t do anything significant to change the simple fact there are not enough properties to go around.”

Graham predicts apartment markets will perform well in 2024, as many buyers move away from freestanding houses due to affordability issues.

“Suburbs which are dominated by units are now some of the most powerful markets in Australia,” Graham said.

“Apartments are generally more affordable than houses, but they are also still in short supply, so we’ll see some further growth in apartment prices in 2024, particularly in inner city markets and developments close to public transport.”




You May Also Like

Townsville’s $200K price mismatch between new and existing homes drives demand into the established home market

Demand for established homes is expected to push prices up, with major local projects also seeing people move to Townsville.

Sydney needs more density, not more sprawl, to solve housing woes

Developing inner Sydney suburbs can enhance productivity, wages, and reduce carbon emissions while conserving land and green spaces.

Australia’s regional property market records quarterly home price rise of 1.2%, outpacing the capital cities

Some of the strongest performers were dotted across Western Australia and Queensland.

Eastern state investors are swarming to Perth’s southwest, drawn by high yields and low prices

Interstate investors rush to claim a slice of Perth’s southwest, as listings plummet below 4000, escalating competition.

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Expert tips on how to be a successful property investor

Property expert and buyer's agent, Lloyd Edge, shares his insights.

Australian commercial property update: Industrial and tourism assets lead the pack in trying times

Commercial assets have faced volatility recently, driven by financing changes and demand fluctuations from institutions and funds.

WA has emerged as a property investment hub, and why that's a good thing

Eastern investors chase Perth's affordability, doubling the distance between home and investment in 2023, reveals MCG research.