Australian Property Market Sees Remarkable Recovery and Strong Growth in 2024

Australia’s property market has experienced a significant rebound, with the national median house price nearing $1.1 million, according to recent reports. This recovery marks a remarkable turnaround from the downturn experienced in 2022.

Maria Gil, in her article, highlights that cities like Sydney, Brisbane, Adelaide, and Perth have reached new peaks in house prices. Dr. Nicola Powell, Domain’s chief of research and economics, attributes this recovery to reduced property listings and strong competition among buyers. Sydney’s median house price is close to $1.6 million, and units are nearing a complete recovery from the downturn losses.

Elliot Placks of Ray White Double Bay observes that lengthy construction times have pushed prices up, while Dr. Powell notes a slowing in price growth due to rising interest rates. Brisbane, in particular, has made a strong comeback, with James Curtain of Place Estate Woolloongabba predicting a “golden decade” for real estate in the region. This optimism is driven by factors like affordability, lack of supply, and demographic trends leading up to the Olympics.

In contrast, Melbourne’s recovery has been slower, with a modest increase in house prices in the December quarter. However, unit prices in the city have seen a more substantial recovery.

Another significant trend in the Australian property market is the strong performance of the apartment market, especially in Brisbane. Rishab Jain, in his article for [Source], reports a surge in apartment sales in the early weeks of 2024, with a notable increase in first home buyers and downsizers investing in Brisbane apartments.

According to realestate.com.au data, Brisbane’s apartment market experienced its most significant annual sales in 2023 over the last five years. Brandon Wortley from Ray White Bulimba credits a strong rental market and returning investors for this growth.

Daniel Lazzaroni, also from Ray White Bulimba, remarks on the unique value offered by Brisbane apartments, citing their advantageous positioning and views. Simon Petrie of Ray White New Farm echoes this sentiment, observing high buyer demand and a favorable market for both buyers and sellers.

In summary, the Australian property market is experiencing a robust recovery, with cities like Sydney and Brisbane leading the way. The apartment market in Brisbane, in particular, is showing strong signs of growth, driven by factors such as affordability and investor interest. This recovery and growth present significant opportunities for buyers and investors in the Australian real estate landscape.

References:

Article by Maria Gil on Australia’s property market recovery. https://www.domain.com.au/news/australias-property-market-fully-recovered-from-the-downturn-national-house-price-nears-1-1-million-1257996/ 

Article by Rishab Jain on the strong year anticipated for the apartment market. https://www.news.com.au/finance/real-estate/brisbane-qld/revealed-experts-anticipate-strong-year-for-apartment-market/news-story/45c240ac5930fcead7491eaa0e9ca763