Weekly Market Update (28 June 2024)

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Weekly Market Update (28 June 2024)
  1. May Total Housing Listings (Source: SQM Research)

    In May 2024, national residential property listings in Australia increased by 5.5% to 252,757 dwellings, with new listings rising by 12.4%. The combined dwelling asking prices also rose by 0.5%. Major cities experienced varying listing increases, with Sydney and Melbourne showing the largest rises. Over a 12-month period, there was an 11.7% increase in listings, and distressed property listings saw a 2.5% decline. The national combined dwelling asking price rose by 1.6%, and most capital cities experienced positive growth in asking prices. Overall, the housing market appears to have returned to more normal levels, with modest asking price increases and significant variation in listing changes across cities.


  1. Pain & Gain Report (Source: CoreLogic)

    The CoreLogic Pain & Gain report for Q1 2024 analyzed around 85,000 property resales and found that 94.3% of transactions recorded a nominal gain. The median nominal gain for dwellings was $265,000, with a total nominal resale profit of $28.6 billion. Adelaide and Brisbane were the most profitable capital cities, while Melbourne became the second-least profitable.


  1. Property Prices (Source: Craig Francis)

    The property market in Australia is experiencing a growing divide, with varying price growth forecasts across regions. Property prices are expected to hit record highs in many areas, driven by factors such as demand drivers, government policies, and tax cuts. However, there are concerns about the increasing struggle for Australians to enter the property market, as well as the potential impact of higher interest rates and rising unemployment. A two-speed property market is emerging, with Adelaide, Perth, and Brisbane projected to deliver stronger growth than Melbourne and Sydney. Overall, the property market presents opportunities and challenges for both buyers and investors.


  1. Foreign Property Buyers (Source: Craig Francis)

    The Australian property market has seen a significant increase in foreign buyers, with a 27% rise in total transactions in the previous financial year. Victoria has become the top choice for foreign investors, with a 32% increase in investment. The average property price purchased by foreign buyers was $914,000, and most transactions were for properties under $1 million. Despite the perception of wealthy foreign buyers, the majority of purchases were below the $1 million mark. The increase in foreign buying is attributed to Australia’s strong economy, education system, and lifestyle. However, there are concerns about the impact of reduced foreign migration on the property market. While most transactions are still concentrated on the east coast, there is a growing interest in other states. Foreign buyers make up just 1.1% of residential property sales in Australia. Additionally, the government has increased fees and penalties for foreign property investors, which has impacted the supply of apartments.


  1. Queensland Real Estate Market (Source: REIQ)

    The Real Estate Institute of Queensland (REIQ) reported strong growth in Queensland’s property market for the March 2024 quarter, with median prices for units and houses increasing significantly. Brisbane’s housing market saw a 3.1% growth, reaching a median sale price of $1.16 million, while units rose by 4.31% to $605,000. The report also highlighted growth in regional areas such as Ipswich, Logan, and Toowoomba. REIQ CEO, Antonia Mercorella, discussed strategies for aspiring homeowners, including ‘rentvesting’ and the new $700,000 threshold for stamp duty concessions for first home buyers in Queensland. The overall market growth was attributed to a shortage of supply and competitive market conditions.


  1. CoreLogic Auction Results (Week ending 23 June 2024)
    (Total Auction / Clearance Rate)

    – Sydney: 844 / 63.9%

    – Melbourne: 975 / 66.5%

    – Brisbane: 130 / 62.3%

    – Perth: 13 / 61.5%

    – Canberra: 57 / 71.9%

    – Adelaide: 128 / 81.8%

    – Tasmania: 3 / 33.3%

    – Combined Capitals: 2,150 / 66.2%


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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