Australian Property Market Cools in 2024

The Australian property market sometimes appears to defy gravity, but 2024 was a year when gravity caught up.

“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, she said, giving buyers more choice. Properties were taking longer to sell and the auction clearance rate had weakened.

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 per cent 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 per cent in Brisbane and 21 per cent in Perth.

Westpac senior economist Matthew Hassan said all the major housing markets had slowed, and Sydney and Melbourne had flattened out as buyers baulked at high asking prices for properties. PRD Real Estate chief economist Dr Diaswati Mardiasmo said although interest rates are high, they have been stable for just over a year which has helped those in the market to plan better than when rates were rising.

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