September 2023 Real Estate Market Update

What a month September was! The real estate market in Australia and New Zealand is experiencing a resurgence, with notable growth in various cities and regions.

The combined capital cities in Australia have seen a 9% increase in property values over the month, 2.5% over the quarter, and 5.1% over the year. On the other hand, combined regional areas have experienced more modest growth, with a 0.4% increase over the month, 1.1% over the quarter, and 0.4% over the year. This shifting dynamic suggests that the market is evolving, with major cities regaining their momentum.

Meanwhile, New Zealand’s real estate market has experienced a positive shift, particularly in Auckland and the northern regions, which have been on the path to recovery. After a 17-month downturn, the property values are stabilizing in these areas, with Auckland seeing a 0.4% increase in property values—the first since March.

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.

While the real estate market in Australia and New Zealand are experiencing an upswing, challenges related to affordability and supply need to be carefully managed.

The increasing property values and high cost of living have made it more difficult for prospective homebuyers to enter the market. The ratio of dwelling values to housing income is 7.4, and it now takes 9.9 years to save for a deposit.

Both countries are working to strike a balance between encouraging homeownership within means and stimulating housing supply. As the market continues to evolve, real estate professionals need to remain empathetic and responsible facilitators in helping people navigate these dynamic and often challenging real estate landscapes.

For more information, or to find out how Real Estate Brilliance can help you implement systems and strategies to take your business to the next level, click the button below to discover information on our upcoming webinar.

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