Ocean views, sought-after schools and hardly a property for sale in sight. Some of Sydney’s most tightly held suburbs had only a handful of sales within the past year.

The number of Sydney properties for sale plummeted amid the market downturn and economic uncertainty caused by rising interest rates, further reducing supply in areas with already low turnover – such as prime locations and smaller suburbs.

Waterfront Watsons Bay, Kirribilli and Whale Beach, where houses are in limited supply to begin with, were among more than 80 Sydney suburbs where five or fewer houses traded over the year to March, Domain data shows.

House sales were also limited in similarly small prestige suburbs like Point Piper, Darling Point and Tamarama, which each had between six and 12 transactions.

However, even areas with more housing, such as Bondi Beach, North Manly, Narrabeen and Brighton-le-sands, were among more than 370 Sydney suburbs where house sales slumped below 50, the benchmark used by Domain research to calculate a suburb’s median price.

As were middle ring suburbs like Summer Hill and North Epping, and outer suburbs like Mount Kuring-Gai and Camden.

For apartments, South Coogee, Clovelly, Millers Point, Enmore and Willoughby, were among the suburbs with limited sales.

It comes amid a drop in homes for sale, as sellers hesitate amid falling prices and rising interest rates. While prices have now been rebounding for several months, the number of homes listed for sale in May, was still down 20.7 per cent annually.

Ray White’s head of research Vanessa Rader said properties in prime locations, whether that was a waterfront or beach side position or a family-friendly suburb with good schools, were traditionally tightly held.

“These are typically pockets that have some kind of geographic advantage. You can’t just go recreate that too easily,” she said.

“If someone is selling an asset in these locations, where are they going to move to,” she said, adding this had become a greater concern amid low supply levels.

Rader said would-be sellers held back as prices declined. That then reduced the options for buyers, further deterring homeowners from selling, as they feared they would not find a suitable home to move to.

“It’s hard to find somewhere to buy, and if you have to go into the rental market, the vacancy rate is at a longtime low,” she said.

Uncertainty about the property market and broader economic outlook was also deterring sellers, as was the increasing difficulty of refinancing.

Eastern suburbs agent Ric Serrao, principal of Raine & Horne Double Bay, said traditionally tightly held suburbs had become even more so.

“There’s a percentage of clients who are opportunistic and when they feel the market prices are not on their side they just don’t list,” he said.

Limited supply increased competition for available properties, putting a floor under price declines, and supporting the recent rebound.

“How can something go down, when every time you’ve got a property you’ve got 10 to 15 people turning up,” Serrao said.

It was a similar story in the northern suburbs, where Pello Northern Suburbs principal Michael Dowling has seen listings become even fewer in low turnover suburbs like Denistone and East Ryde, which recorded 40 and 38 house sales, respectively.

“[East Ryde] is a very family orientated area, one of the areas in the Ryde district where all the neighbours seem to know each other … and there’s a lot of older people who have been there since the dress circle estate was built,” he said.

The area was popular with upgrading families from the north shore and inner west, seeking a comparatively more affordable house, in a family-friendly area and a central location.

Deciding to leave such a suburb behind is not easy, as East Ryde sellers Mark Khoo and Andrea Wong know, having recently listed their five-bedroom house to relocate closer to family.

They purchased one of the suburb’s original estate homes 18 years ago, from the property’s first owner, and later rebuilt on the block.

“East Ryde has been perfect for us raising a young family, it’s a very central location, close to schools, shopping centres and amenities, we’ve got lots of lovely neighbours, a strong sense of community and there’s lots of surrounding greenery,” he said.

“It was a difficult decision to decide to sell, but the market seems to be in a healthy state,” he said, adding there had been a strong level of interest so far.

“I think this reflects that it’s a sought after area with not much turnover.”

Dowling added that several months of price growth had given buyers and sellers more confidence to transact.

While listing volumes were still low, there had been a recent uptick in home appraisals across the northern suburbs, which could lead to an increase in homes for sale in three to four months time.

Source : TheSydneyMorningHerald

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The share of properties available to rent in Australia has hit a record low after the national vacancy rate recorded its largest drop in over a year, a new report has revealed.

Rental vacancy rates fell 0.14 percentage points in August to hit a new low of 1.10%, with the share of rental properties on the market now 54% lower compared with pre-pandemic levels, the report by property data firm PropTrack shows.

The data come as advocates for housing affordability argue that without government intervention, the crisis will become more severe.

PropTrack economist and report author Anne Flaherty said there was “a host of drivers” that have led to the tight vacancy rate, including a growing population, the number of people in each dwelling falling and first home buyers being increasingly locked out of the market.

“For renters who may be looking to be first home buyers, they’ve faced a situation where because of interest rate rises, they can borrow 30% less on average,” Flaherty said. “But at the same time, property prices are still sitting as high as ever.”

Housing affordability has now hit its worst level in at least three decades, according to PropTrack. Households earning a median income of just over $105,000 can afford the smallest share of homes since 1995 when records began, at just 13% of homes sold in the past year, a report from PropTrack revealed last week.

“The amount homebuyers are having to save is incredibly high,” Flaherty said. “Those mortgage repayments are very, very high and the amount that they can borrow is less. So that’s also keeping people in the rental market longer.”

The supply of vacant rental properties in regional areas has also deteriorated, with the vacancy rate falling to just 1.1%.

“Rents are predicted to continue rising off the back of these incredibly low vacancy rates, which are driving up competition for properties,” she said. “But if rents reach high enough, it might lead to a tipping point for some tenants where the amount they would be paying in mortgage repayments would be less than their rent.

“So I think that when we start to see that happen, that could lead to a bit of a shift.”

Maiy Azize, a spokesperson for the housing affordability advocacy group Everybody’s Home, said the low vacancy rates proved “only the federal government can create affordable rentals for the people who need them, when and where they need them”.

“For years governments have been walking away from social housing, relying on the private sector to deliver affordable homes,” Azize said. “These numbers show that’s a dangerous approach.

“Australia’s social housing shortfall is massive. We need to create 25,000 new social homes across the country every year. We’re calling on the government to act now and end the shortfall for good.”

Source : TheGuardian

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THE first weekend of spring was one of the biggest of the year for auctions, representing a return to form following a lacklustre start to last year’s peak-property season.

Potential homebuyers could have choosen from 2401 properties listed for auction across the nation’s capital cities this weekend, according to data from CoreLogic Australia.

It’s a 5.4 per cent bump on listings from the previous week, making it the third busiest of the year behind the weeks ending 26 February and 2 April, which saw 2429 and 2687 auctions respectively.

It is also a 46.6 per cent jump in the number of listings compared with the start of last year’s spring season, which Corelogic economist Kaytlin Ezzy blamed on weaker selling conditions at the time, including rising interest rates and falling dwelling values.

Chief economist for Ray White Group, Nerida Conisbee, said spring generally sees increased levels of activity on the property market.

“It is where we see a bump in properties for sale generally, because homes look better and people are back from the June-July holiday period,” she said.

“It does generally mean we see more properties coming to sale and buyers come out.”

Ms Conisbee said despite more properties coming to market and interest rates high, prices have failed to pull back as much as could have been expected.

“Even though more properties are coming to market we’re just not seeing a price reduction as a result of that occurring,” she said.

“We did see them pull back very briefly in July, but it was a really tiny reduction and in August it has surged back again.

“If you were a buyer and you were hoping to pick up a bargain, that time has really come to an end and it is looking a lot better for sellers at this point.”

Last weekend, 66.8 per cent of the 2278 homes that went to auction sold, a higher clearance rate than the same time last year.

In Sydney alone, 1010 homes are due to go under the hammer this week, and on average will fetch the highest prices in the country.

Melbourne will host the busiest auction market this weekend, with 1020 homes on the auction block representing a small decline in the number of listings last weekend.

Of the smaller capitals, Brisbane will see the most auction action, with 155 homes listed, followed by Adelaide with 104 and Canberra with 101.

Contributing to the bump in listings is a higher number of investors choosing to exit the market, believed to be partially due to higher interest rates and a lower opinion of landlords generally, according to Ms Conisbee.

“It’s actually quite unfortunate, because landlords do provide 90 per cent of rental homes,” Ms Conisbee said.

“So if we do see a lot of investors selling and those properties go to owner occupiers then we lose them from the rental pool.”

Source : BendigoTimes

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Perth is the most competitive housing market in the country right now and whether you’re buying or renting there’s a shortage of stock on the market. 

With home prices up 10.90% over the past year, Perth is Australia’s top performing capital city market when it comes to price growth.

That’s more than five times the the historic average pace of annual growth experienced in Perth, bringing prices to a record high.

If growth continues at the same pace as over the past quarter, prices in Perth would be set to end the year up 12%.

Perth’s rental market is also challenged. Although the greatest increases in advertised rents over the past year have been seen in Sydney (+18.2% year-on-year), closely followed by regional WA (+16.7% year-on-year) and Perth (+14.9% year-on-year).

The critical lack of available rentals is causing rental prices to increase at a rapid pace.

Buyers and renters competing for fewer homes

Total for-sale listings are currently at historic lows in Perth (on records back to 2004) and total rental listings are also at historic lows.

At the same time, the pipeline of new supply remains constrain

As a result, growth in the supply of new housing is limited at a time when there is already a shortage.

The number of enquiries per rental listing are the highest in Perth (50.3) of any market, illustrating the severe imbalance between rental demand with rental properties in short supply.

To put this into perspective, nationally, the number of enquiries per for sale listing increased 14.1% year-on-year in September but remains below the record high levels seen in late 2021.

In contrast, enquiries per for sale listing in Perth have jumped by 93.9% year-on-year and are sitting at a record high level.

Fewer new listings and faster selling times have driven total for sale listings lower, and there were 25.7% fewer homes listed for sale in Perth in September of this year compared to last.

This strong competition is likely one reason why Perth has overtaken Adelaide as the strongest performing capital city market for price growth over the past year, as buyers compete for limited options.

Limited supply amid strong buyer demand has resulted in a sellers’ market, with prices in Perth outpacing all the other capitals.

Prices in Perth were unaffected by last year’s rate rises, and while prices fell in most markets, Perth avoided the downturn. That stronger growth has continued into this year.

The attraction of Perth

One reason Perth is one of the hottest markets in the country is its relative affordability.

Despite recent gains, Perth housing values remain affordable compared to other capital cities after a decade of underperformance relative to east coast capitals. Darwin is the only capital with a lower median dwelling value.

The PropTrack Housing Affordability Index shows that housing affordability is highest in Western Australia, a factor likely to attract both local, international, and interstate buyers.

Strong population growth is also adding to housing demand, predominantly in the rental market given recent arrivals are most likely to rent. In the 12 months to March 2023, Western Australia’s population grew by 2.8% – the fastest growth of all the states and territories.

Population growth is also driving demand in the market to buy, particularly given the challenging conditions in the rental market that may incentivise some to purchase sooner than they otherwise would have.

The Western Australia government is actively promoting the state as a destination for skilled work regional migrants (491 visas) and has successfully lobbied to have the entire state declared a designated regional area. This means that skilled migrants on regional 491 visas can arrive, live and work in Perth, making it the only capital city which has achieved this distinction.

The outlook for Perth remains challenging with net migration and population growth set to remain strong, with vacancies already historically low.

The comeback state

Western Australia has historically been the most volatile state in terms of economic performance.

Following a period of rapid expansion during the mining boom, Western Australia’s economic growth lay largely in the doldrums until 2019.

But the state is now making a comeback. Buoyed by strong export demand, Western Australia’s economy has grown more rapidly than any other state’s over the past year, with state final demand up 2.8% the 12 months to March.

The city of Perth is booming. Picture: Getty

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Western Australia has one of the lowest rates of unemployment at 3.4%, and one of the highest participation rates.

The strengthening economy, strong demand for labour and prior decade of underperformance relative to the east coast capitals are all likely to be ongoing drivers of Perth’s housing market.

It seems unlikely that these conditions will change any time soon given resurgent population growth, the lack of new home completions and the overall strong demand for housing.

The comparative affordability of homes, population growth, a shortage of housing and very tight rental markets are likely to continue to buoy both home price growth and rental price growth in Perth.

Source : RealEstate.com.au

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Clearance rates at 60 per cent or above usually mean prices are rising, while anything below indicates falls.

The lowest clearance rates across greater Melbourne included the inner suburbs (57.3 per cent), inner south (56 per cent), south-east (55.5 per cent), west (49.8 per cent) and Mornington Peninsula (52.2 per cent).

Christopher said these price falls showed vendors were compromising on price to get a sale over the line.

“It is slowly swinging towards a buyers’ market and our forecast for Melbourne is a modest to moderate decline in house prices to continue [in 2024],” he said.

While the market has changed, it’s not all smooth sailing for buyers. Higher interest rates and cuts to borrowing power make it tough for some to make an offer.

CoreLogic’s head of residential research Eliza Owen said conditions were still tough for buyers, who wanted to borrow enough to get into a market where house prices were still high.

However, they, and home sellers could be in a much better position next year if interest rates fall.

“Depending on whether interest rates fall and how much they fall, we may see a flurry of transaction activity when that reduction in the cash rate begins,” Owen said.

Jellis Craig Stonnington partner Michael Armstrong believed Melbourne’s market had shifted in favour of buyers, but only for certain types of properties.

Renovated or new homes are still selling quickly, Armstrong said. There were fewer of these properties on the market, so listings attracted more competition from buyers.

 

Apartments or homes in need of work were offering buyers more time to negotiate and less competition, he said.

“The sale of unrenovated stock is more in favour of buyers because they take a little longer to sell, and buyers can get a better deal – same with land value properties [tear down and rebuilds],” he said.

The changing market has been both a blessing and a nervous time for Danielle North and husband Nick Stebbing, who benefited from the conditions and managed to buy a family home in Brunswick last weekend.

But the couple, both 47, plan to sell the Kingsville house they have owned since 2008, and plan to update it first, to make it more attractive to potential buyers.

 

“I am really nervous about selling,” North said.

“It’s not in a fit state to sell,” Stebbing said. “We’ll have to get a bridging loan to get things moving, and fix it up over the holidays.”

While they were happy with their Brunswick buy, closer to their children’s school, rate rises cut their budget and meant they had to adjust their expectations.

“We had to lower our standards,” Stebbing said. “Mostly places in our price range were not in a good state,” North added.

Wheatley Finance’s Andrew Wheatley, who helped North and Stebbing buy their Brunswick home, said some buyers had to rethink their approach to the market because of higher interest rates.

Some were being forced out of the market, as they couldn’t qualify for a mortgage, meaning there is less competition for more affordable properties.

“In the desirable suburbs of Melbourne, it feels like nothing’s changed,” Wheatley said. “But if you move to what first homebuyers are looking at, properties with a price range of $400,000 to $750,000 like a two-bedroom apartment or a townhouse, or a new build in the outer suburbs, there’s no rush or pressure to buy. I’d say it’s more of a buyers’ market.”

Source : TheAge

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According to Knight Frank’s Global Prime Residential Forecast, the projections for prime prices in 2023 and 2024 have been revised upwards. The 2023 forecast was initially 1.7%, revised to 2.4%, while 2024 was initially 2.1%, now 2.5%.

The factors set to shape 2024

The tumultuous 2023 has been characterised by global conflict, soaring inflation and interest rates, and general uncertainty.

But among the expectations for 2024, the report found headwinds may be easing, the proportion of cash buyers rising, and elections are the biggest risk to prime markets for next year.

The report found that cash sales rose from 46% to 52% in the last six months.

Politics and regulations are both a major hurdle and potential boon. On the one hand, tighter controls around energy, sustainability, and holiday letting may be concerns going into 2024, but on the other hand, relaxation of property and tax regulations may be an opportunity.

Upcoming elections include the Indian General Election (before the end of May 2024), US Presidential Election (November 2024), UK General Election (before January 2025), Canadian General Election (Before October 2025), and Singaporean General Election (before November 2025).

The report also found that the increase in demand is expected to be small, likewise the increase in supply, sales, and foreign buyer activity.

Melbourne and Sydney in top ten for price growth forecast

The Sydney luxury property prices are forecasted to rise five per cent next year, fifth behind Auckland, Mumbai, Dubai, and Madrid.

Melbourne came in at eighth in the world, with prime residential property prices predicted to increase by three per cent.

Perth and the Gold Coast are also forecast to see luxury homes rise in value, up four per cent each.

Source: Knight Frank Research.

Knight Frank head of residential research in Australia, Michelle Ciesielski, said cautious optimism was emerging in the luxury residential property market globally, with prime buyers appearing confident that economic headwinds were easing.

“In Australia, buyer appetite is strengthening, while supply of prime properties is constrained,” she said.

“The limited number of exceptional and most desirable prime residential property listings continues to create a price floor under many luxury Australian properties.

“This undersupply of luxury homes is one of the key factors set to shape the performance of the Australian prime residential market in 2024, with inflation and interest rates also set to play a big role.”

Michelle Ciesielski, Knight Frank

“In saying that, in this upper echelon of the market, we are seeing an increasing number of cash buyers, with the proportion being 60% of all prime residential property sales in Sydney and 65% in Melbourne.

“Climate risk, geopolitical tensions and currency shifts are also expected to impact the Australian luxury property market.

“Amongst these risks there are opportunities, however, with property set to continue to appeal as a means to diversify and spread risk, being seen as a safe haven for capital.”

Knight Frank head of residential in Australia, Erin Van Tuil, noted that the super-prime end of the market, especially A$20 million plus, is doing exceptionally well, with no shortage of buyers and limited homes.

“Most buyers are local Australian buyers, with a notable absence of foreign buyers committing to sales, despite enquiries.

“Relative to other Australian cities, Melbourne has counted more prime luxury product built over the past couple of years, which has made prime prices lag the stronger performance in other Australian cities.

“Melbourne is also still recovering from an extended lockdown in the pandemic, with the city seeing many residents move interstate to Queensland and the slower return of international investors which the city relies heavily on.”

Source : ThePropertyTribune

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SYDNEY, Dec 10 (Reuters) – Australia will triple fees on purchases of existing homes by foreign buyers, Treasurer Jim Chalmers said on Sunday, as part of measures aimed at increasing the supply of affordable housing.

“Higher fees for the purchase of established homes, increased penalties for those that leave properties vacant, and strengthened compliance activity will help ensure foreign investment in residential property is in our national interest,” Chalmers said in a statement.

The centre-left Labor government would also cut application fees for foreign investment in “build to rent” projects to encourage construction of more homes, Chalmers said.

The government in June pledged A$2 billion ($1.3 billion) to deliver thousands of new affordable homes nationwide, with the aim of boosting public housing supply for Australians on waiting lists.

The changes announced on Sunday will generate around A$500 million ($300 million), which the government could invest in priority areas like housing, Chalmers told reporters in Brisbane, according to a transcript.

“These adjustments are all about making sure foreign investment aligns with the Government’s agenda to lift the nation’s supply of affordable housing,” Chalmers said in the statement, adding the government would introduce laws in 2024 to implement the higher fees.

The fee hike comes after Chalmers last year doubled the fees for foreign investors buying assets in the country, which the government said would generate A$455 million in extra revenue over four years.

Prices in Australia’s housing market, already among the most expensive in the world, are forecast to maintain steady growth as rising demand outstrips supply in the nation of 26 million people.

Source : Reuters

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Melbourne house prices are tipped to rise up to $37,000 in 2024.

But a landlord exodus driven by rising state government taxes that is part of the reason more homes have hit the the market than in any other city over the past year will see the city lag behind almost every other capital.

The PropTrack Property Market Outlook Report has forecast 1-4 per cent for the city’s property market in the next 12 months that could bring the median house price to more than $950,000.

PropTrack economic research director Cameron Kusher said while Melbourne was expected to attract less home price growth than Sydney, Brisbane, Adelaide and Perth, it could potentially double the about $17,000 (1.9 per cent) growth the Victorian capital unexpectedly notched in 2023. They had been forecast to decline 7 per cent this year.

Mr Kusher said despite the fastest increase to interest rates since at least the 1990s, rising costs to build new homes and Victoria accounting for a substantial portion of the nation’s incoming migration would combine to drive home values up.

“The fact we are at or near peak interest rate levels could see more people looking to buy next year,” he said.

Home price growth is on the cards in 2024, but Melbourne will lag behind other capitals.

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While the Outlook report has flagged a tough year for first-home buyers around Australia, Mr Kusher said record-low rental vacancy rates could drive some of them to find a way to buy a home and escape from increasingly uncertain tenancies.

Ironically, their chances might be improved by landlords selling off rental homes at an accelerated level this year, as Melbourne has more homes for sale than any other capital in part thanks to their exodus.

“There are quite a lot of investors looking to exit Melbourne and Victoria because there are quite a lot of taxes,” he said.

From next year, investment property owners will be hit with increased land tax costs as the state government implements a series of levies to try and recoup Covid-era budget losses.

Real Estate Buyers Agents Association of Australia Victorian representative Luke Assigal echoed the landlord sell off commentary and said he expected the trend could be even more pronounced as planned new taxes on investment and secondary properties came to fruition in the new year.

Homes like 2 Cunneen St in the Bendigo suburb of Long Gully could be set for price gains in 2024. The home is currently listed for $440,000-$480,000.

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Speaking as part of REBAA’s end of year analysis for 2023, Mr Assigal said he believed even an uptick in investor sales next year wouldn’t slow the market and predicted there could be as much as 6 per cent growth — about $55,000 for Melbourne’s $917,000 median-priced home.

But he said the fate of first-home buyers in the new year could rest with the Australian Prudential Regulation Authority, who he said could price many back into the market by reducing assessment rates for home loans from the current 3 per cent above the home loan rate of the day.

An interest-rate cut could also drive demand, and Mr Assigal said either scenario could make Melbourne’s undervalued far west, from Werribee to Hoppers Crossing, and outer northern suburbs, like Epping, hot property.

He added that regional areas around Ballarat, followed by Bendigo and Geelong, could also benefit from squeezed homebuyer budgets.

Source : RealEstate.com.au

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Australia’s median property value is now at a record high of $753,654.

But experts are expecting prices to stabilise next year.

Property analytics company CoreLogic research director Tim Lawless said the 2024 housing market was shaping up to be very different.

“[There are] expectations that value growth will be lower and more diverse from region to region and across housing types,” he said.

“We don’t expect to see a material lift in housing activity until interest rates reduce, and that isn’t likely until the second half of next year.”

But before we get into next year, let’s look at Core Logic’s property figures from November.

What’s the most expensive city to buy in?

Data from CoreLogic says Sydney is still the most expensive place to buy a property, with a median house value of almost $1.4 million.

But in terms of how capital city property prices changed in November, Perth topped the list.

Meanwhile, prices decreased a fraction in Melbourne, Hobart and Darwin.

Here’s a quick rundown of how prices changed in November:

• Perth: Up by 1.9 per cent
• Brisbane: Up by 1.3 per cent
• Adelaide: Up by 1.2 per cent
• Canberra: Up by 0.5 per cent
• Sydney: Up by 0.3 per cent
• Melbourne: Down by 0.1 per cent
• Hobart: Down by 0.1 per cent
• Darwin: Down by 0.3 per cent

Now let’s get a more detailed look at the capital cities:

Adelaide

Monthly change: 1.2 per cent increase

Adelaide median house value: $756,989

Median unit value: $479,428

Since Adelaide property prices bottomed out in March 2023, they have risen 8.7 per cent.

Meanwhile, rental vacancy rates remained extremely tight in November at 0.3 per cent — the lowest of all capital cities.

Brisbane

Monthly change: 1.3 per cent increase

Brisbane median house value: $870,526

Median unit value: $552,332

Alongside Adelaide and Perth, Mr Lawless said Brisbane property values continued to show remarkably low levels of advertised supply while purchasing activity was above average levels.

“This imbalance between available supply and demonstrated demand is keeping strong upward pressure on housing values across these markets, despite the downside factors leading to weaker housing market conditions across the lower eastern seaboard,” he said.

Canberra

Monthly change: 0.5 per cent increase

Canberra median house value: $965,378

Median unit value: $590,425

Darwin

Monthly change: 0.3 per cent decrease

Darwin median house value: $572,504

Median unit value: $380,761

Hobart

Monthly change: 0.1 per cent decrease

Hobart median house value: $702,722

Median unit value: $526,961

Hobart was one of three capital cities to record a decline in values over November, albeit a small one.

Looking at annual figures, Hobart dwellings have recorded a 3 per cent decline.

Meanwhile, rental conditions have eased in Hobart with vacancy rates sitting at 1.9 per cent — the highest across the capitals.

Melbourne

Monthly change: 0.1 per cent decrease

Melbourne median house value: $943,725

Median unit value: $610,490

Melbourne’s home values slipped 0.1 per cent in November, their first monthly decline since hitting the trough in January this year.

Mr Lawless said while the Melbourne Cup Day rate rise took some heat out of the market, there were other factors at play.

“Rising advertised stock levels, worsening affordability and persistently low consumer sentiment are also acting as a drag on value growth in some markets, such as Melbourne.”

Perth

Monthly change: 1.9 per cent increase

Perth median house value: $676,910

Median unit value: $457,296

It’s full steam ahead for Perth property values, rising 1.9 per cent in November — the largest monthly gain since March 2021.

The annual growth rate of property prices is now up 13.5 per cent, eclipsing that of Brisbane (10.7 per cent) and Sydney (10.2 per cent).

Listings are almost 40 per cent below their five-year average for this time of year.

Sydney

Monthly change: 0.3 per cent increase

Sydney median house value: $1,397,366

Median unit value: $836,220

Growth in Sydney home values slowed sharply in November, lifting 0.3 per cent, which is less than half the 0.7 per cent gain recorded in October.

November’s modest rise was also the smallest monthly increase since February this year.

Mr Lawless said he believed Sydney’s housing market could be on course for a dip as early as next month.

What’s the housing market forecast for 2024?

PRD chief economist Diaswati Mardiasmo says things will get “more unaffordable” in the new year but we could see “breakthroughs” towards the end of the year.

She says the outlook will be driven by a number of trends.

“We are going into the new year with low supply and increasing demand, a higher cash rate, lower savings and people prioritising primary needs versus secondary.

“At the same time, governments are trying to stimulate supply and people are also ‘getting used to’ the higher cash rates and changing economic landscape.

“Therefore, the first quarter may not feel any different, other than perhaps some areas starting to see a recovery in house prices.

“This will feel like there’s no hope as everything becomes more unaffordable.

“However, as we innovate through this resilience we will start to see some breakthroughs, all of which we will feel more towards the later part of 2024 as inflation and the cash rate lower.”

Source : ABCNews

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