Weekly Market Update (15 March 2024)

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Weekly Market Update (15 March 2024)
  1. House Prices Over the Last 10 Years (Source: Michael Yardney)

    Over the last 10 years, property values in Sydney, Melbourne, Brisbane, Adelaide, and Perth have experienced significant growth, with some cities doubling in value. Strategic property investors can outperform average growth rates, particularly by targeting investment-grade properties in high-demand areas. The current property market offers long-term investment opportunities due to factors such as population growth, job creation, and limited supply, making it a favorable time for investors with a focus on the future.

    The average house price in Brisbane has risen by $520,669 over 10 years. Or, in other words, Brisbane’s property values over 10 years have risen 96.8%.

 

  1. National Vacancy Rates (Source: SQM Research)

    The vacancy rates in Australia decreased in February, with a national rate of 1.0%. The total number of rental vacancies decreased to 30,161 properties, with major cities such as Sydney, Melbourne, and Brisbane experiencing declines. Capital city asking rents for all units rose by 1.2%, with a 12-month rise of 11.4%. The national median weekly asking rent for a dwelling is $721.00, with Sydney recording the highest at $1,054.16 per week and Adelaide offering the best rental affordability at $457.72 per week. The decrease in vacancy rates is attributed to increased demand from tertiary students and graduates entering the workforce. SQM Research Pty Ltd provided this data and can be contacted for further information.

 

  1. CoreLogic Auction Results (Week ending 10 Mar 2024)
    (Total Auction / Clearance Rate)

    – Sydney: 898 / 71.1%

    – Melbourne: 496 / 61.9%

    – Brisbane: 168 / 64.9%

    – Perth: 13 / 69.2%

    – Canberra: 52 / 58.8%

    – Adelaide: 117 / 78.5%

    – Tasmania: 1 / 100%

    – Combined Capitals: 1,745 / 68%

 

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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.

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