Weekly Market Update (1 Dec 2023)

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print
Weekly Market Update (1 Dec 2023)
  1. Brisbane’s Unstoppable Property Market (Source: Brett Warren)

    Brisbane’s property market is experiencing a strong recovery, with prices reaching record highs and showing potential for further growth. The city’s housing market has rebounded quickly from the pandemic downturn, and both house and unit prices are on track to reach new highs. Affordability and limited supply are driving the market recovery, and Brisbane’s property market is seen as more affordable compared to Sydney and Melbourne. Factors such as tight rental market, undersupply, and population growth through internal and international migration are contributing to the city’s property market success. However, investors should be cautious and focus on affluent areas where affluent millennials aspire to live. It is recommended to have a strategic property plan and seek the assistance of buyer’s agents to navigate the market.


  1. Median Prices (Source: Robert Chandra)

    Median prices in some upscale neighborhoods in Australia have dropped over the past year, but this does not necessarily mean it is a buyer’s market or that all properties in those areas have decreased in value. The decline in median prices is often due to a scarcity of high-end homes hitting the market or a change in the types of properties available. The prestige real estate market remains resilient, with the lack of high-end homes for sale being the main factor influencing median prices. The decline in median prices does not indicate a general drop in property values, but rather a result of a reduced volume of large homes being sold. Lack of stock is the main reason for price falls in certain areas. Other factors contributing to price declines include the need for rebuilding older houses, changes in fashion, and other suburbs offering better views. It is important to note that a change in median price does not necessarily mean a change in property value. Median prices are a tool for understanding price changes in the market, but they do not determine the actual value of individual properties.


  1. Rental Crisis (Source: Leanne Jopson)

    Australia is currently experiencing a shortage of apartments, leading to a rental crisis. The supply of inner-city apartments has decreased by 8% compared to last year due to labor scarcity, high costs, and a shift towards less risky infrastructure projects. This shortage has caused rental prices to increase by 30% over three years, forcing tenants to downsize or move into shared housing. The escalating rental prices are contributing to inflation, and the Reserve Bank of Australia predicts rent inflation to peak at 10% annually. The apartment shortage and rental crisis present complex challenges that require multi-faceted solutions to ensure affordability and stability for Australian renters. However, with strong immigration levels and minimal new supply, an end to the rental crisis is not expected in the near future.


  1. National House Prices (Source: My Housing Market)

    According to the latest data from My Housing Market, national house prices in Australia continued to increase in November, marking the 10th consecutive monthly rise. The median house price for the national capital city rose by 0.7% in the November quarter compared to the previous quarter, reaching $1,085,389. All capital cities, except Melbourne, reported increases in median house prices. Hobart was the top performer with a 2.9% increase, followed by Perth, Adelaide, and Brisbane. However, Hobart, Canberra, and Darwin reported annual declines. Unit prices also saw growth, with the national median unit price increasing by 0.4% in November. Adelaide and Brisbane had the highest annual unit price growth, while Hobart and Darwin experienced declines. Despite declining affordability and the impact of high interest rates and inflation, the housing market is expected to continue reporting positive results for the remainder of 2023, driven by undersupply and strong economies.


  1. CoreLogic Auction Results (Week ending 26 Nov 2023)
    (Total Auction / Clearance Rate)

    – Sydney: 1,142 / 63.9%

    – Melbourne: 1,309 / 57.7%

    – Brisbane: 199 / 59.3%

    – Perth: 18 / 77.8%

    – Canberra: 122 / 46.7%

    – Adelaide: 156 / 75.5%

    – Tasmania: 3 / 0%

    – Combined Capitals: 2,949 / 60.8%


If you’re interested in staying updated on the Australian housing market, feel free to reach out to us. You can also follow our Facebook page and Instagram for regular updates on new listings, market trends, statistics, and insightful information.

Leave a Reply

Your email address will not be published. Required fields are marked *

Looking For Real Estate Services?