Surge in WA Property Prices and Key Predictions for Australia’s Property Market in 2024 - Property Inc

Surge in WA Property Prices and Key Predictions for Australia’s Property Market in 2024

The Australian property market is undergoing significant changes, with a notable surge in property prices in Western Australia and emerging trends anticipated for 2024 across the nation.

The WA Boom: Families Flocking to Affordable Housing

In a detailed account by ABC Great Southern, residents of West Australian towns like Augusta, Mount Barker, and Margaret River are experiencing a real estate boom, as families seek affordable housing options outside major cities. The report notes a marked increase in interest in these once-sleepy towns, leading to a rapid uptake of properties, sometimes even before public viewings.

Lisa and Ben Newbury, who moved to a 50-acre lifestyle block in Mount Barker, highlighted the value for money in these areas compared to others. “A 50-acre block with a house on it and some rainwater tanks in Albany was about double what we paid in Barker,” Ms. Newbury said. She also observed a demographic shift with more younger families moving into the area.

This demand has outpaced city growth, with property prices in Mount Barker growing by 23 percent in the year to December 2023, as noted by housing analyst Core Logic Australia. The state has seen an influx of 62,000 people in the year to June 2023, contributing to this demand. Eliza Owen, Head of Research at Core Logic Australia, emphasized, “When you have a sudden surge in housing demand, supply takes a while to adjust.”

Predictions for 2024: Shaping the Future of Real Estate

Geeta Pillai’s comprehensive report on Australia’s property market in 2024 offers critical insights into the future of real estate. The report, which includes five key predictions, focuses on pricing trends, demand fluctuations, supply dynamics, investment hotspots, and potential regulatory changes.

The report underscores the influence of interest rates, inflation, population growth, and housing supply in shaping the market. It also highlights the Gold Coast suburbs as potential investment hotspots, expected to deliver robust capital growth and returns in 2024.

Looking Ahead

The Australian property landscape is poised for dynamic changes, with the WA housing boom and the evolving trends forecast for 2024. These developments signal a significant shift in the real estate market, driven by both demographic changes and economic factors. As noted by Kim Crofts, a Mount Barker real estate agent, “There’s a big demand because people just really want to get out of the city.”

For investors, homebuyers, and policymakers, staying informed about these trends is crucial for navigating the future of Australia’s property market.

References:

https://www.abc.net.au/news/2024-01-14/families-head-to-country-to-find-affordable-housing-options/103313120 

https://bnnbreaking.com/world/australia/five-key-predictions-for-australias-property-market-in-2024-a-comprehensive-report/ 

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