Australian Property Market Update: Spring 2024 Trends Revealed

As we step into spring 2024, recent data from CoreLogic's Housing Chart Pack reveals significant shifts in the Australian property market. Here’s a concise overview of the current trends and what they mean for buyers, sellers, and investors.

1. Price Declines Across a Third of Suburbs

Approximately 30% of Australia’s 3,655 suburbs have seen property values drop over the past quarter. However, this decline is not uniform across the nation. Major cities are where the most significant decreases are concentrated.

2. Melbourne and Regional Victoria Hit Hardest

Melbourne tops the list with 79.1% of its suburbs experiencing price drops. Regional Victoria is also notably affected, with 73.8% of its suburbs reporting declines. These decreases are primarily seen in more affluent areas such as the Mornington Peninsula, where every suburb has recorded a decrease in value.

3. Other Cities Facing Declines

Hobart, Darwin, and Canberra have also seen over half of their suburbs experience price drops. This trend reflects broader economic pressures impacting housing affordability and demand in these regions.

4. Perth’s Remarkable Recovery

In contrast, Perth has demonstrated a remarkable turnaround. Every suburb in Perth saw a rise in property values in Q2 2024, marking a significant recovery from the previous year when 60.1% of suburbs were in decline. This rebound highlights a strong local market with increasing demand and possibly more favourable economic conditions.

5. Economic Factors Driving Trends

The property market is being shaped by several factors, including high interest rates and affordability pressures. While national property values are still rising, the pace has slowed due to cost-of-living challenges, which are affecting buyers' purchasing power and overall demand.

6. Regional Differences and Emerging Trends

There’s a clear divergence in market performance across regions. Sydney has seen the largest increase in the share of suburbs experiencing declines, rising from 3.8% a year ago to 25.9% this August. Conversely, regional Western Australia (WA) is showing strong performance with most suburbs experiencing price increases.

7. Spring 2024 Forecast

As the spring selling season begins, the market is expected to face additional shifts. The influx of new listings, which has been above average through winter, is likely to contribute to further downward pressure on values. Early signs of a slowdown are

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