Values Surged in 2023
After price growth of 8.1% in 2023, Australia’s property market may finally become a buyer’s market in 2024 – albeit only for a brief period.
CoreLogic Research Director Tim Lawless, says growth will slow in 2024 as listings rise and affordability worsens.
“In the first half of this year, we could see stabilisation if not subtle decline in Sydney’s home values and further weakening in Melbourne, Canberra and Hobart,” he says.
“I think it will be more of a buyers’ market through the first half of the year in those cities, at least until interest rates start to fall.”
It may be short-lived though as Lawless says a rate cut in the second half of the year could see prices rise.
He says those considering buying should think about getting into the market earlier in the year for a chance to “buy well.”
Throughout Australia home values increased by 0.4% in December, which was the smallest monthly gain since February 2023.
