Market Will Be Stronger in 2024
Australia’s property market is tipped to be even stronger in 2024 than it was last year.
Propertyology managing director, Simon Pressley, says the regional markets still have plenty to offer and he predicts growth of 15% to 20% in some locations.
He predicts the highest rates of capital growth this year will include Rockhampton QLD, Hahndorf SA, Bunbury WA, central Queensland, Port Lincoln SA, and Albany WA.
In capital city terms Pressley is forecasting Perth to chalk up growth between 13% and 18%, although he warns its lack of adequate economic diversity leaves its property market vulnerable to weak periods when China’s demand for commodities deteriorates.
He says Brisbane growth will be between 9% and 13%, Adelaide between 8% and 12% and Sydney between 3% and 7%.
Darwin will start to improve this year according to Pressley, who predicts growth between 3% and 6%, while Hobart is forecast to grow between 2% and 4% and Melbourne between 0% and 3%.
Canberra is the only market he is predicting may experience a decline of up to -2%.
