Welcome! Can you believe it’s already November? I had to double-check the calendar – this year has flown by! It feels like only yesterday we were celebrating our 10th year anniversary back in September, and now we’re nearly at the close of 2024.
In regards to the real estate market, Australia and New Zealand is evolving, with unique trends emerging in key regions.
In Australia
- Sydney & Melbourne: Minor declines, with Sydney down 0.1% in October and Melbourne 1.9% over the year. Growth expected to slow in 2024.
- Brisbane & Adelaide: Stable, with Adelaide up 1.1% in October and 15% year-on-year.
- Perth: Strong growth at 1.4% for October, driven by high demand and limited supply.
Overall, Australian home values rose by 0.3% in October, marking a stable yet cooling trend.
While in New Zealand has seen a 0.5% drop in October, yet values remain 16% above pre-COVID levels. Auckland, Hamilton, and Wellington continue to decline annually but could signal trends that Australia may see by mid-next year.
The rental market in Australia is softening, with rents rising only 0.2% in October. Easing growth offers relief to tenants but impacts landlord returns due to variable mortgage rates and higher costs. Strong investment activity remains, particularly in Perth, Adelaide, and Brisbane.
Interest rates may ease in 2025, supporting affordability, while strong investor demand and limited housing supply maintain market resilience. Population growth, especially in Perth, boosts demand but may see variability as economic conditions shift.
Experts recommend leveraging current demand and considering early 2025’s potential market adjustments, especially as Perth heads towards 10,000 available properties by year’s end.
Now that your mind has been blown, have a great November, I look forward to catching up with you at the next supercharge session, details can be found below.
Cheers
