Australia’s Real Estate Outlook: The Rising Stars of 2024 - Property Inc

Australia’s Real Estate Outlook: The Rising Stars of 2024

In the dynamic world of real estate, certain Australian suburbs and towns are pegged to lead the charge in property price growth this year. A recent Canstar Rising Stars report, spotlighting “rising star” locations, has identified Brisbane as a standout candidate for 2024, displacing Adelaide for the top spot in anticipated property growth. As compiled by Canstar in collaboration with property research group Hotspotting, the list spans 14 jurisdictions across both capital cities and regional areas, setting the stage for strategic investments and potential homeowner shifts.

According to Terry Ryder, founder of Hotspotting, major cities have generally outpaced regional centers this year, reversing the trend seen during the pandemic. “In general, the major cities have outperformed the regional centres. In past years, regional centres have exhibited strong growth with the exodus to regional centres driving up property prices,” Ryder explained. This pivot back to urban centers is largely driven by infrastructure enhancements and a recalibrated preference for urban living as the world adjusts post-pandemic.

The surge in Brisbane’s property market is significantly influenced by its affordability relative to other major cities and its upcoming role as host of the 2032 Olympic Games. Paul Ryan, senior economist at PropTrack, highlighted the city’s unique position. “Relative affordability was key to Brisbane’s growth, amid mass migration during the pandemic. It’s still the case that a first-time buyer can get a full-size house, not in the inner suburbs, but a middle-ring suburb in Brisbane, Adelaide, and Perth,” Ryan told SBS News.

The report doesn’t just highlight Brisbane but also points to other cities and regional areas where property prices are expected to soar due to high demand, proximity to transport, lifestyle perks, and low vacancy levels. This includes suburbs in Sydney, Perth, Melbourne, and even less heralded locations in Adelaide and regional Queensland. Each area is expected to attract attention not only from potential new homeowners but also from investors seeking to capitalize on these growth trends.

Furthermore, despite a 30% rise in property prices over the last 12 months, Ryan anticipates continued growth, albeit at a “slower than average pace.” He acknowledges that while the start of the year has been stronger than forecast, “affordability is increasingly being a constraint on further price growth after prices are up somewhere in the range of 40 per cent over the past four years.”

This nuanced understanding of the real estate market provides valuable insights for both the average homebuyer and the seasoned investor. As 2024 progresses, the landscape of Australian real estate continues to evolve, influenced by economic conditions, infrastructural developments, and shifting societal trends, making the Canstar Rising Stars report a critical resource for those looking to navigate this complex market.

Reference:

https://www.sbs.com.au/news/article/australias-rising-star-suburbs-and-towns-where-prices-could-sure/c1hwrkcwg 

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