Australian Property Market Slows in 2024

The Australian property market experienced a shift in 2024, with prolonged high interest rates dampening buyer enthusiasm. Values in Sydney and Melbourne declined by the spring, while growth slowed in smaller capital cities. CoreLogic head of Australian research Eliza Owen described the year as a tale of two halves, noting that while national home values rose 5.5 percent, the growth momentum weakened throughout the year.

By spring, the number of homes listed for sale reached its highest point since 2018, giving buyers more options. Properties took longer to sell, and the auction clearance rate declined. Early in the year, hopes for an interest rate cut as soon as June fueled buyer confidence. However, as the anticipated rate reduction was delayed, buyers continued to face high interest rates, expensive housing, and cost-of-living pressures, impacting market performance. Sydney experienced a slight dip in November but remained 3.3 percent higher than the previous year. Melbourne values saw a subtle decline throughout 2024, influenced by both high interest rates and the Victorian government's increased land tax on secondary homes. Investor activity was deterred, and some existing owners chose to sell. By November, Melbourne home values were 2.3 percent lower than the previous year. Growth remained stronger in capitals offering better value, reaching 12.1 percent in Brisbane and 21 percent in Perth

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