Where Prices Will Rise The Most Home prices are tipped to set new records in 2024, with the smaller capital cities of Brisbane, Perth and Adelaide expected to lead the pack.
PropTrack’s December Property Market Outlook report says nationally prices will grow between 1% and 4% over the next 12 months.
PropTrack director of economic research Cameron Kusher expects the trends that fuelled prices in 2023 will continue in 2024.
He says stock levels will remain low, buyer demand will remain high and there will be a shortage of new construction all at a time of strong population growth.
Kusher also stays the planned stage three tax cuts, due to come into effect from the middle of next year, could also leave more money in buyers' pockets and lead to further demand.
“In Brisbane, Adelaide, and Perth, total listings were more than 30% below their November decade average,” Kusher says.
Kusher says Perth (+5% to +8%), Adelaide (+4% to +7%), and Brisbane (+3% to +6%) will be the best performers.
At the same time Sydney prices are expected to rise 2% and 5% in 2024, and Melbourne between 1% and 4%.
