Australia’s Ultimate Spring 2024 Property Guide: Is It Time to Buy?
As spring ushers in warmer weather, Australia’s property market is heating up with a surge in new home listings across the country. According to the latest PropTrack data, new home listings were up 12% in July compared to the same time last year. This increase in supply is creating a dynamic market environment, but with more buyers expected to enter the fray, competition for homes is likely to intensify.
National Overview: Market Dynamics
The spring selling season is set to be busier than usual, with an uplift in real estate activity predicted across all capital cities. PropTrack’s senior economist, Eleanor Creagh, noted that while there will be more choice for buyers, the number of active buyers in the market is also expected to rise, keeping the pressure on home prices and competition.
City-by-City Predictions:
Sydney
Sydney’s property market is anticipated to see a healthy number of new listings this spring. Despite economic pressures, demand from buyers remains strong, driving house prices up 6.77% year-on-year (YoY) to $1.429 million in July. Unit prices have increased 3.89% to $830,000 over the same period. However, buyers are becoming more selective, and sellers may need to adjust their expectations slightly to close deals.
Melbourne
Melbourne’s real estate market is expected to be balanced this spring, with new listings up 14.6% YoY in July. While house prices fell slightly by 1.01% to $912,000, while unit prices increased by 0.18% to $619,000 over the same period. The market is not expected to see huge capital gains, but sellers who price their properties fairly will likely find willing buyers.
Brisbane
Brisbane remains one of Australia’s hottest markets, with a 16.1% YoY increase in new listings. House prices surged by 13.42% to $951,000 in July, while unit prices increased by 16.85% to $663,000. The city is expected to see more homes hit the market this spring, but sellers will need to price their properties correctly to attract buyers amidst rising supply.
Adelaide
Adelaide’s property market is set to offer more choice for buyers this spring, with new listings up 17.4% YoY in July. House prices in the city rose by 15.09% to $819,000 , while unit prices increased by 12.44% to $599,000 reflecting strong demand. The increase in listings is expected to ease some of the constraints buyers have faced in recent months.
Perth
Perth’s market remains tight, despite a 15.3% YoY increase in new listings. Supply levels have been extremely low, and while spring will bring more homes to market, it won’t be enough to meet demand. House prices in Perth jumped by 23.19% to $790,000 in July, while unit prices increased by 19.13% to $530,000 driven by high population growth and a lack of quality rentals.
Hobart
Hobart continues to be a buyer-friendly market, with high listing numbers and declining home prices. New listings were up 5.5% YoY in July, but buyer demand has not kept pace, leading to weaker selling conditions. House prices fell by 2.4% to $717,000, while unit prices have decreased 0.9% to $552,000 over the same period offering opportunities for buyers looking to enter the market.
Darwin
Darwin’s property market is showing signs of increased activity, with new listings up 12% YoY in July. House prices in Darwin rose by 3.54% to $560,000, , while unit prices fell 2.76% to $382,000 . The city’s market is expected to pick up further as the spring selling season progresses.
Canberra
Canberra is offering more choice for homebuyers, with total listings up 33.7% YoY in July. Despite this, the market has seen weaker price performance, with house prices increasing only slightly by 0.94% to $980,000, while unit prices have declined 0.32% to $607,000. Buyers in Canberra can expect a broader selection of properties this spring.
A Competitive Spring Ahead
With more properties hitting the market and buyer activity expected to rise, spring 2024 promises to be a competitive season for Australia’s real estate market. Buyers will benefit from increased choice, but they’ll need to act quickly as demand remains strong across most cities. Sellers, on the other hand, should be prepared to price their properties realistically to attract serious buyers in a market that is evolving with the changing season.
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