Market Wrap – Reflecting on the dynamic real estate journey of the past year, economic factors and global influences have shaped the market’s performance, offering challenges and opportunities for buyers, sellers, and professionals.
For a more in-depth look at how the real estate market performed in your area, watch the video below and explore the key trends shaping the property landscape.
Australian Real Estate Overview
Australia and New Zealand’s real estate market is shifting, with a slowdown in housing heat, notably in Melbourne and Sydney. In November, national home values increased by only 0.6%, the smallest gain since February. While Sydney and Melbourne show signs of deceleration, other cities exhibit varying trends.
Factors contributing to this shift include rising inventory, worsening affordability, and heightened consumer pessimism. Despite lower-than-expected October inflation, the risk of interest rate hikes persists, and a significant increase in housing activity is not expected until the second half of 2024.
Looking ahead, Western Australia and Queensland seem well-positioned to outperform, with New Zealand’s market showing signs of an emerging upturn, experiencing a 0.7% rise in property values in November.
In conclusion, the real estate landscape in Australia and New Zealand is undergoing nuanced transformation, influenced by factors like affordability, interest rates, and regional dynamics.
We wish you and your family a joyous Festive season and a safe and Happy New Year. Let’s take a moment to be grateful for our shared experiences this year and looking forward to an incredible 2024 filled with new opportunities.