A Century of Australian Property Development and Predictions for 2024

The landscape of Australian property has undergone a profound transformation over the past century, shaped by visionary developers and fluctuating market trends. As we approach 2024, it’s insightful to reflect on this evolution and speculate on future market directions.

Thomas Michael Burke’s journey, starting in 1924, laid the foundation for what would become Frasers Property Australia, a real estate powerhouse that has played a pivotal role in shaping Australian communities for nearly 100 years. Burke’s early initiatives, such as the “8d. a day” home ownership drive for returning war veterans, reflect a commitment to community and accessibility in housing​​.

Frasers Property Australia, through its various incarnations, has been instrumental in urban and suburban development across the country. From the Merrivale Garden Suburb’s emphasis on green spaces in the 1920s to major commercial and residential projects in the latter half of the 20th century, the company’s impact is undeniable. As noted in an article by realestate.com.au, “Frasers Property Australia is set for another century of placemaking – with stronger, smarter, happier communities to benefit Australians both now and into the future”​​.

Australian Property Predictions for 2024

Looking forward, the Australian property market in 2024 is expected to see continued growth, albeit at a slower pace. According to PropTrack’s Property Market Outlook Report December 2023, national home prices are projected to rise between 1% and 4%. Cameron Kusher, PropTrack’s director of economic research, asserts, “Nationally, we expect prices to grow between 1% and 4% in 2024. We expect that a combination of continued strong demand and limited new housing construction will contribute to price gains”​​.

This growth, however, comes with challenges for first-home buyers, who are likely to continue facing affordability issues due to persistent interest rate hikes. The market is also expected to be influenced by upgrade buyers with substantial deposits, a trend that has been prevalent since the pandemic. Additionally, tight rental markets are anticipated to cushion the slowdown in price growth, maintaining pressure on rental prices​​.

The Australian property landscape, with its rich history and complex present, is poised for another phase of evolution. As Frasers Property Australia continues to innovate and create welcoming communities, the market, shaped by various economic forces, remains a dynamic and vital component of the nation’s fabric. As Kusher insightfully remarks, “Australia’s property market proved resilient in 2023. Home prices have increased 5.5% so far this year to a record high, despite deteriorating housing affordability and interest rate rises significantly reducing borrowing capacities”​​.

In summary, the legacy of visionaries like Thomas Michael Burke and the ongoing developments in the market underscore the resilience and adaptability of the Australian property sector, promising a future of innovation and growth.

References:

“The force that has influenced 100 years of Australian homes” by realestate.com.au. https://www.realestate.com.au/news/the-force-that-has-influenced-100-years-of-australian-homes/ 

“Australian property predictions for 2024: Upgrade buyer impact, rental market resilience, and price growth insights” by Theirry Ng. https://thepropertytribune.com.au/market-insights/australian-property-predictions-for-2024-upgrade-buyer-impact-rental-market-resilience-and-price-growth-insights/