Weekly Market Update (19 January 2024)

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Weekly Market Update (19 January 2024)
  1. Brisbane’s median dwelling value (Source: CoreLogic)

    The median dwelling value in Brisbane has surpassed Melbourne’s, experiencing remarkable 50.2% capital growth since the onset of the pandemic in March 2020. Fueled by increased remote work opportunities, Brisbane’s appeal has led to significant population growth, soaring housing demand, and a shift toward a seller’s market. Despite reaching the third-highest median dwelling value among capitals, Brisbane’s values remain lower than Melbourne’s due to a higher share of units in the latter. Lifestyle factors, such as the normalization of remote work, have boosted Southeast Queensland’s attractiveness, while Melbourne’s extended lockdowns prompted some to leave. Although Brisbane remains a seller’s market, a slight slowdown in monthly growth raises questions about its relative affordability, potentially influencing interstate migration. Recent weather-related challenges pose additional risks to certain pockets of the Brisbane property market, potentially impacting demand in the short term.

 

  1. Australian population (Source: ABS)

    The Australian population has grown by 2.4% in the last year, with a significant increase in overseas migration, particularly from foreign students and workers. This surge in population has led to concerns about housing shortages, as construction of new dwellings is decreasing. The population growth varied across different states, with Western Australia experiencing the fastest rise. Additionally, there has been a trend of people returning to live in the capital cities, and Queensland and Western Australia have attracted the most interstate migrants.

 

  1. Residential real estate (Source: CoreLogic)

    The residential real estate market in Australia saw steady growth in 2023, with the total value reaching $10.3 trillion by December. The housing market experienced a rise in both capital city and regional dwelling values, with Perth leading in capital growth performance. Despite a slight slowdown in growth, the market remained relatively steady. Sales volumes were slightly lower than in 2022 but trending higher than the five-year average. The median time to sell a home increased slightly, while discounting rates narrowed. New listings also approached the historic average, and auction clearance rates trended lower. Rent values increased, and dwelling approvals trended slightly higher. The value of new housing finance rose, with a notable increase in first home buyer finance. Overall, the property market is expected to continue defying pessimistic predictions in 2024, driven by low supply and rising demand.

 

  1. CoreLogic Auction Results (Week ending 14 Jan 2024)
    (Total Auction / Clearance Rate)

    – Sydney: 13 / 58.3%

    – Melbourne: 15 / 42.9%

    – Brisbane: 5 / 20%

    – Perth: 4 / 50%

    – Canberra: 5 / 60%

    – Adelaide: 7 / 71.4%

    – Tasmania: NA / 0%

    – Combined Capitals: 49 / 51%

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