Where Prices Will Continue to Rise
Property prices are tipped to continue growing in most regions throughout 2024 and into 2025.
The latest National Property Market Insights report from NAB says the national housing market continues to build “solid momentum” and hit new market highs with the smaller capital cities showing resilience.
It says the strongest growth conditions are in the lower quartile of the market as buyers seek out more affordable options.
The latest Oxford Economics Australia’s Residential Property Prospects report says any potential interest rate cuts in 2024 will help drive further demand in the following year which in turn will drive prices up further.
Senior Economist and report author, Maree Kilroy, predicts Perth will continue to be the star performer.
“After showing signs of softening in Q4, both Sydney and Melbourne have steadied, evident in an uplift in auction clearance rates – despite Sydney having arguably hit the peak of unaffordability,” she says.
“Adelaide and Brisbane have seen a continuation of late 2023 momentum, while Perth has sprinted ahead. While we expect national price momentum to slow in the second half of this year, it will accelerate again in 2025, with units set to outperform houses.”
It tips Sydney prices to rise by 4.7% by the end of 2024, Melbourne by 1.1%, Brisbane by 10.9%, Adelaide by 5.2% and Perth by 12.9%.
