Markets to Outperform
Perth, Sydney and Adelaide property markets are tipped to outperform in 2024.
CBRE’s inaugural Quarterly Residential Valuations Property Market survey says house prices in those cities could increase by up to 10%.
The report, which surveys property valuers to gain predictions for the market in the next 12 months, found that 60% of valuers believe house prices will rise nationwide with 40% predicting an increase of 5% or more.
The vast majority of valuers are upbeat about the prospects, particularly in the apartment sector, with 44% tipping price increases in that sector.
The report says apartments in Brisbane, the Gold Coast, Sunshine Coast and Sydney are likely to achieve the strongest price growth.
CBRE Pacific Head of Research, Sameer Chopra, says as vacancy rates drive up rents, tenants are deciding to buy, and apartments appear to be the most affordable option.
“Early signs of value growth in the property market are emerging, driven by purchasers willing to buy ahead of potential interest rate cuts,” he says.
