In 2024, Australia’s property market has demonstrated remarkable resilience, navigating high interest rates, rising living costs, and economic uncertainty. We've seen smaller cities like Perth, Adelaide, and Brisbane leading the way. However, as we approach the end of the year, affordability challenges and borrowing restrictions are starting to impact the market. For our buyers, opportunities are emerging as price growth eases, clearance rates soften, and properties stay on the market longer. More frequent price negotiations are signaling a shift in favor of buyers.

Domain's End of Year Wrap for 2024 highlights the market's resilience despite economic challenges. In 2023, property prices defied expectations with housing shortages, rapid population growth, and a tight rental market driving prices higher. Key cities like Sydney, Brisbane, Adelaide, and Perth saw significant growth, with some hitting record price peaks.

Looking ahead to 2024, five key trends are expected:

1. Interest rate cuts may reignite demand, especially in the second half of the year, potentially pushing prices further upwards.


2. The flight to affordability will drive buyers to more affordable, overlooked suburbs, boosted by government initiatives like the "Help to Buy" scheme.


3. A shift towards YIMBY (Yes In My Backyard) attitudes is likely, promoting urban densification and housing reforms.


4. Population-driven demand will continue to support market growth, with strong migration fueling the housing sector.


5. The rental market may slow its growth, with some renters transitioning into homeownership.

These factors suggest continued price growth nationwide, with some cities potentially joining the "$1 million median house price club" by 2025.

For a deeper dive into these trends, download the full report here: Domain End of Year Wrap 2024.