The Australian property market in 2024 is a fascinating and dynamic landscape, offering opportunities for both buyers and sellers while presenting challenges in some regions. Whether you’re a first-home buyer, a seasoned investor, or planning to sell, staying informed about market trends is your first step toward making smarter real estate decisions.

At BestPropertyAgent.com.au, we are passionate about helping you succeed in the property market. With expert advice, innovative tools like our Property Value Checker, and personalized support, we’re here to guide you every step of the way.

In this blog, we’ll dive deep into the latest market trends, provide actionable steps to navigate this year’s market, and highlight the tools and expert services available to help you achieve your property goals.

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2024 Real Estate Market Snapshot: What’s Happening Now

1. Record-Breaking Market Value

The total value of Australian residential real estate hit $11.1 trillion in October 2024, according to CoreLogic. This milestone reflects steady national growth of 0.9% in the October quarter, driven largely by demand in affordable segments.

2. Affordable Market Gains

Lower-priced homes are experiencing the fastest growth:

 

• • Adelaide and Perth: Homes in the most affordable quartile increased by 5.5%.

• • Brisbane: Affordable properties saw a healthy 3.9% rise.

3. Challenges in Premium Segments

Premium market segments, particularly in Sydney, Melbourne, and Darwin, have faced declines:

 

• • Darwin: A sharp -2.1% drop, reflecting sluggish demand.

• • Melbourne: A decrease of -1.2%, likely tied to buyer caution.

• • Sydney: A smaller decline of -0.9%, as high-value properties see less activity.

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Emerging Trends to Watch in 2024

Longer Selling Times

Homes are taking longer to sell, with the average selling time increasing to 33 days from 27 days last year. With more properties on the market, buyers are enjoying greater choice and taking their time to decide.

Tight Rental Market

The national vacancy rate is at 1.8%, far below pre-COVID levels, reflecting high demand for rental properties. Rents rose modestly by 0.2% in October, but tight supply in urban centers continues to pressure the rental market.

Increasing Listings Inventory

Property listings are on the rise, with 45,155 new listings in October, up 1.3% from 2023 and above the five-year average. This increase in inventory creates opportunities for buyers but underscores the need for sellers to strategically market their properties in a competitive environment.

Smaller Discounts by Sellers

Sellers are offering smaller price discounts, with a national median of -3.6%. This shows sellers’ confidence in a stable property market despite longer selling times.

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A Step-By-Step Guide to Navigating the 2024 Market

Step 1: Check Your Property Value

The first step in any property journey is understanding its current market value. With our free Property Value Checker at BestPropertyAgent.com.au, you can access reliable, data-driven insights to help you plan your next move.

Step 2: Time Your Move Wisely

 

• • Sellers: Prepare your property well before peak selling seasons, such as spring. Enhance your home’s appeal by addressing features that attract buyers, especially in competitive cities like Melbourne and Sydney.

• • Buyers: Take advantage of strong growth in cities like Brisbane, Perth, and Adelaide by acting quickly. Affordable segments in these markets are showing steady price gains and high demand.

Step 3: Secure Financing

If you’re buying, ensure your finances are in order. Compare fixed and variable loans based on your budget and the current interest rate environment. With rates expected to hold steady at 4.35% until mid-2025, fixed-rate loans might be a smart choice for predictable repayments.

Step 4: Seek Expert Advice

Navigating the property market can be challenging. That’s where expert advice makes a difference. At BestPropertyAgent.com.au, our team of seasoned agents provides free consultations to guide you on market trends, pricing strategies, and negotiation tactics.

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Why Choose BestPropertyAgent.com.au?

1. Local Expertise

Our platform connects you with the best property agents near you, offering deep market knowledge and personalized advice tailored to your goals.

2. Powerful Tools

 

• • Property Value Checker: Instantly estimate your property’s worth with accurate, data-backed reports.

• • Market Insights: Access the latest property news, trends, and analysis to stay ahead of the game.

3. Free Consultations

Real estate decisions are big decisions. Schedule a free consultation with one of our experts to discuss your unique needs and explore the best strategies for your situation.

4. Trusted Support

From first-time buyers to experienced investors, our clients trust us for reliable guidance and seamless experiences. Let us help you make informed decisions with confidence.

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Looking Ahead: Opportunities for Summer 2024 and Beyond

As summer approaches, the real estate market is abuzz with anticipation. Interest rate cuts expected in early 2025 may boost buyer activity, making this a critical period for sellers to list properties and for buyers to act before competition intensifies.

City-Specific Opportunities

 

• • Sydney: Affordable suburbs are attracting strong interest.

• • Brisbane: Continued growth driven by interstate migration.

• • Perth: Suburbs near infrastructure projects like Metronet offer excellent value.

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Take the First Step Toward Real Estate Success

Australia’s property market in 2024 is full of opportunities for those who stay informed and work with the right experts. Whether you’re buying, selling, or investing, BestPropertyAgent.com.au is your trusted partner in achieving your property goals.

Here’s How You Can Get Started Today:

 

1. 1. Use our Property Value Checker to discover your home’s market value.

1. 1. Explore listings and connect with the best property agents near you.

1. Visit our Contact Us page to schedule a free expert consultation and start your journey.