Where Prices Could Boom in 2024
House prices could boom in some capital cities in 2024, if population growth does not slow down, according to the 2024 SQM Research Boom and Bust report.
SQM managing director Louis Christopher’s “base case" forecast is for average capital city prices to change between -1% to +3% in 2024.
“The cities of Perth and Brisbane are the only cities expected to record price rises with each respective market driven by a tailwind of a recovering Chinese economy which is anticipated to see strong demand for base commodities such as iron ore,” Christopher says.
He predicts Brisbane house prices will rise by 4% to 8% in a base case scenario, but if population growth does not slow and inflation blows out again it could be between 7% and 11%.
Perth is tipped to rise between 5% and 9%, Adelaide and Darwin will remain steady, Sydney will drop by up to 4%, Melbourne to fall by up to 3% and Canberra will fall between 4% to 8%.
