The Australian property market sometimes appears to defy gravity, but 2024 was a year when gravity caught up. Prolonged high interest rates slowed buyer enthusiasm as the year wore on, and by the spring values in both Sydney and Melbourne were falling, while growth was slowing in the smaller capital cities.The year played out in a tale of two halves, said CoreLogic head of Australian research Eliza Owen. National home values rose 5.
5 percent, but when you take a closer look at the dynamic of growth it was strong out of the gate and then weakened throughout the year.By the spring, the total number of homes listed for sale hit their highest levels since 2018, giving buyers more choice. Properties were taking longer to sell and the auction clearance rate had weakened. It was a contrast to the beginning of the year when hopes were high of an interest rate cut as soon as June that emboldened some buyers to bid harder. “Because the promise of a rate reduction was pushed out over the course of the year – meanwhile buyers were still dealing with high interest rates, expensive housing and cost of living pressures – this has weighed on market performance over the course of the year,” Owen said.since the start of 2023, after months of slowing growth. Sydney also edged down in November, but finished the month 3.3 percent higher than a year earlier. Melbourne values spent the year in a subtle decline, weighed down by not only extended high interest rates but also the Victorian government’s higher land tax on secondary homes which deterred investors from buying and prompted some to sell. By November, Melbourne home values were 2.3 percent lower over the past 12 months.Over the year to November, growth was stronger in capitals that appeared to offer better value, reaching 12.1 percent in Brisbane and 21 percent in Pert
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