Australian Property Market 2024: Key Trends and Hotspots
Rasti Vaibhav
??? Unlock Financial Freedom: Strategic Property Investments for Busy Professionals | Master the #getRAREmodel ??
Published: 26th April 2024
Australian Property Market 2024: Key Trends and Hotspots
Published: 26th April 2024
Investor Hotspots and Market Dynamics: Australia’s Property Outlook for 2024
As we navigate through an ever-changing property landscape, I wanted to catch up and share some exciting insights into the current market trends that could benefit your investment strategy.
With the Australian property market showing vibrant signs of growth and resilience, now might be the perfect time to consider your options.
From the bustling central districts to tranquil suburban retreats, opportunities abound for those ready to take the plunge.
Let’s explore what’s making headlines in real estate and how these trends can positively impact your investment decisions.
Where First-Time Investors Are Turning Their Attention
The allure of capital cities remains strong among first-time investors. According to the latest Active Property Investors Report from the Commonwealth Bank, these areas are not just safe bets but also hubs of burgeoning opportunity. Here’s what the data tells us:
Dr. Michael Baumann, Executive General Manager of Home Buying at CBA, highlights several postcodes where activity has been particularly intense:
These areas have consistently attracted investors for their strong returns and strategic locations, making them a safe harbour in turbulent times.
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Rising Confidence Amidst Market Challenges
The property sector's confidence is seeing an uptick, thanks to a conducive environment characterised by stable interest rates and easier access to finance. The latest Procore/Property Council Survey sheds light on this positive trend, despite ongoing frustrations with state planning systems and governmental inefficiencies. Matthew Kandelaars of the Property Council of Australia underscores the critical need for government collaboration to meet housing targets and boost investment.
Significant Growth in Property Prices
The last four years have witnessed a remarkable increase in property prices across various regions, with some areas even seeing values more than double:
PropTrack Economist Anne Flaherty attributes this unprecedented growth to a "once-in-a-generation boom," spurred by low borrowing costs and significant shifts in lifestyle preferences during the pandemic.
Australia's Standing on the Global Stage
Our nation ranks among the top four globally for house price growth over the past five years, according to the International Monetary Fund. With predictions of continued price increases, areas like Perth and Adelaide are expected to see the highest growth, potentially reaching up to 16% in 2024 alone.
Stabilising Construction Costs
The construction sector is finally seeing some relief with the lowest growth in costs since 2007. This normalisation presents a potential boon for those looking to develop or expand their property portfolios. The Cordell Construction Cost Index indicates only a 0.8% increase in the first quarter of 2024, a sign of stabilising market conditions.
Navigating the property market requires not only understanding the financial aspects but also connecting with the emotional side of property investment. Each statistic and forecast not only represents a number but also the dreams and goals of countless Australians looking to secure their future.
Rupali Rastogi, your Independent Buyers Agent
If you're contemplating how to navigate these exciting yet complex waters, I invite you to book a personal consultation to discuss your individual investment needs and goals. Alternatively, join us at our upcoming educational workshops to gain deeper insights into property investing. Start your journey today by booking here: https://getrare.com.au/ready or register for our workshops at https://getrare.com.au/workshop.
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7 个月Rasti Vaibhav love it and nice Rupali Rastogi
MAICD | Enabling SaaS businesses to Go Next Level | Scale your Business | RevOps | Enablement | Strategy | Leadership Development | Sales & Service Training ??
7 个月Great insights! Thanks for sharing, Rasti.
Conflict Resolution Consultant | Workplace Investigator & Mediator | Trainer | Lawyer turned Workplace Expert | Restoring Harmony & Ending Toxicity
7 个月Thank you for sharing these trends shaping the property market! Rasti Vaibhav
Helping You Build Wealth Through Property | CEO of Flint & Farmers' Finance Australia - Available 7 days ??
7 个月Great insights Rasti Vaibhav thanks for sharing
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7 个月While I understand that those in the property industry like to cheer property price rises, do they understand that down the line this trend will create a series of problems? Do the math, how are purchases going to be funded if rates of price increases continue ? Stagnant incomes and rising rates reduce buying power. But the more serious issue is the dislocation and disruption it creates, when the average person cannot afford an average property, this is a recipe for a real malaise to set in. I understand Sydney is now second to Hong Kong in terms of prices. This is not a good thing particularly for a country like Australia. Why invest building a business when you can buy a property and have it subsidised by generous government policies. I note that productivity per capita is declining. Not a surprise. What has occurred is through policies we have financialised accommodation and turned it into speculation. As with any financialised and speculative market, there will be a reckoning, we are not there yet, but one can see the red flags if one pays attention.