RESIDENTIAL PROPERTY
THE housing market in 2024 is set to see far more subdued capital growth, as affordability may be stretched to its limit...
According to CoreLogic’s latest annual Best of the Best Report, the housing market remained largely resilient against a challenging environment of interest rate hike, stretched affordability and...
“Housing activity rebounded through early 2023 as buyers took advantage of lower prices, however towards the end of 2023 affordability constraints have become more pressing...
“Certainly, lower-priced housing markets such as Perth, Brisbane and Adelaide saw very resilient conditions through the national downswing period, and strong annual growth...
In the year to September 2023, Sydney dominated the top 10 most expensive suburbs, with Melbourne’s Toorak the only non-Sydney location to break into the rankings...
Bellevue Hill, Vaucluse and Double Bay took the top three spots with a median value of $9.7 million, $9.2 million and $6.3 million respectively...
While the most affordable suburbs were more of a mixed bag, across Darwin, Adelaide, Perth and Brisbane...
With Darwin’s Gray the most affordable with a median value of $359,369, followed by Elizabeth North and South at $364,040 and $369,044 respectively...
Perth took out the top three suburbs for greatest growth in values over the 12 months to September 2023, with Brookdale up 32.8%, Armadale up 31.4% and Hilbert up 30.1%...
With the greatest value declines largely split between Hobart and Darwin, with East Perth also coming into sixth place...
North Hobart saw declines of 12.9% over the period, followed by Taroona in Hobart with 13.8% and Wulagi in Darwin with 11.1%...
“We’ve seen the pace of capital growth ease gradually from June and most notably through November. Transaction volumes nationally have declined an estimated -1.7% over...
“The RBA is forecasting a rise in the unemployment rate, we’re seeing a subdued pace of growth for GDP, slowing growth in disposable household income and the lowest household...
Over the year, rental markets continued to balloon away from affordability, with landlords passing on the impacts of interest rate hikes and migration levels catching...
Across the 12 months to September in the capital cities, Sydney, Melbourne and Perth had the most suburbs in the top 10 for rental growth...
“In 2024, there are several factors which should support a further deceleration in rental growth. The first is that net overseas migration may start to normalise, as the...
“Secondly, stretched rental affordability is likely to see a gradual restructuring of rental demand. This includes migration to more affordable rent markets, both geographically and...
“Finally, as more dwellings associated with the ‘HomeBuilder’ stimulus move to completion, we could see rental demand easing as tenants inhabit their newly built home,”...
“Unfortunately for renters, a slowdown in the rate of rent increases does not necessarily mean rents will fall.”