2023 Australian Property Market Wrap-Up

What Property Buyers Need To Know for 2024

What a year!?

As 2023 comes to an end, it’s important to reflect on the year that was in the Australian property market.?

Overall, although high interest rates and economic uncertainty led many to believe that the Australian property market was poised for challenges in 2023 , the market emerged stronger than anticipated, with many sectors returning to all-time price highs.

As Sydney, NSW and ACT Buyers Agents, I believe that it’s integral to not only reflect on 2023 trends but also draw lessons from this information and use them to guide property market projections and strategy in 2024.?

That’s why, in this comprehensive wrap-up, I’ll look back on some of the predictions my team made for 2023 as a guide to assess the Australian real estate market’s performance this year.?

I’ll then leverage these insights to guide our Australian Buyers Agent property projections for 2024.

Reviewing the 2023 Australian Property Market Predictions

Apartment prices on the rise

In December 2022, my team predicted that apartment prices would rise throughout 2023 , particularly in highly sought-after locations fuelled by stamp duty reforms and increased immigration.

Over the year, this has proved correct with Australian unit prices rising 3.60% as of September . While detached housing also experienced growth , slightly higher than units at 3.78% it was the high-status locations such as Sydney’s Eastern Suburbs that outshone the national average , confirming our suspicions.

Micro-Markets: Growing polarity in Sydney’s property market

The team and I also predicted that Sydney’s 2023 property market would continue its trend of growing polarity, with Micro-Markets becoming increasingly evident in 2023 .

A Micro-Market in real estate is essentially a small segment within a broader property market that operates independently of surrounding trends.

Again, this proved true with favourable locations witnessing much more significant growth compared to nearby locations in the same city.?

Take the NSW property market for example.?

While Sydney grew by 5%, Greater NSW experienced a minor dip of 0.35% in prices throughout 2023. Yet again, within the Sydney property market, Sydney’s Eastern Suburbs and North Sydney-Hornsby region stood out as top performers , eclipsing the growth seen in Sydney’s South and West.

This is all part of a growing trend of polarisation with prices in capital cities rising by 5.41% in 2023 alone , outpacing regional areas, which have only seen a 1.63% increase.

Increased Buyer Activity

Heading into 2023, I expected many more real estate buyers to enter the market mainly driven by rising interest rates and a realisation that delaying could reduce borrowing capacity as well as large amounts of post-pandemic migration.

Again, this was exactly the case with Australia recording a record-breaking influx of migrants in 2023, with year totals set to surpass 400,000 people entering the country .?

This surge in population has been key to recent increases in buyer activity.

Looking ahead to 2024

So, what lies ahead? That’s the question, but I have an answer.

As Buyers Agents In Sydney, Regional NSW and Canberra, it’s important that we make educated forecasts ahead of 2024 to drive our property purchasing strategy.?

Based on the trends of 2023, many of which are set to continue, I predict:

Rising demand for property driven by even greater increases in Immigration

In 2024, I anticipate a continued surge in immigration . This influx is poised to add even greater levels of demand into the property market, particularly larger East Coast cities like Sydney and Canberra .

More real estate Micro-Markets and increasing polarity

Building upon the trends observed in 2023, I foresee the growth and persistence of Micro-Markets in 2024. Expect to see increasingly divergent trends based on a variety of factors from location and price to property type as well.

Perth’s Extraordinary Property Boom

Perth has experienced an extraordinary increase in property prices in 2023 , and I predict this trend will continue, making it a hotspot in 2024. Factors such as resource-driven economic growth and increasing demand among East Coast Australians and migrants to adopt lifestyle changes will contribute to Perth’s growth.

Rise of Rent-Vesting in Popularity

The flexibility it offers, combined with the rising cost of homeownership and evolving lifestyle preferences, will drive more Australians towards this approach to wealth creation.

Rent-vesting, a strategy where individuals invest in property while continuing to rent their primary residence, is set to grow in popularity in 2024.

Are you ready to navigate the complex world of Australian property?

This is where experienced Australian Buyers Agents like my team at Brady Marcs come in, ready to guide you in making well-informed property decisions for the coming year (and beyond!)

A Buyers Agent enables you to get the best deal while providing you with a stress-free and less overwhelming experience by connecting you with trusted movers, real estate agents, conveyancers and other relevant experts who can help you move from your current property to the next.

The last thing you want is to find yourself in the same position a year from now. Instead, capitalise on my Australian property projections for 2024.

If you want to continue or kickstart your property journey in 2024 with success, don’t hesitate to reach out to me and my team at Brady Marcs!

Thanks for reading,

Brady

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