The Australian Housing Market 2024: Trends, Insights, and Forecasts 

The year 2024 has been a defining period for Australia’s housing market. The property market demonstrated remarkable resilience amid economic turbulence, including rising living costs and persistent inflation. In this blog, we’ll explore the key highlights from Domain’s 2024 End-of-Year Housing Market Report and discuss how Property Dollar can empower you to stay ahead in an evolving property landscape. 

2024 Housing Market: A Year of Contrasts 

Australia’s housing market faced immense pressures, including elevated interest rates and affordability constraints. Yet, the sector displayed impressive stability, with demand supported by chronic undersupply, population growth, and high construction costs. Here’s an in-depth look at the year’s major trends: 

1. Rising Property Prices in a Challenging Economy 

While many expected interest rate cuts in 2024, the Reserve Bank of Australia (RBA) maintained stable rates throughout the year. Despite these challenges, national property prices continued upward, buoyed by strong demand and limited supply. 

2. Smaller Cities Leading the Charge 

Perth, Adelaide, and Brisbane emerged as standout performers in 2024, outshining traditional property hotspots like Sydney and Melbourne. Affordable housing, strong local economies, and increased interstate migration drove this trend, reflecting a significant shift in buyer preferences toward lifestyle-oriented locations. 

3. Changing Buyer Preferences 

Keyword searches on Domain reveal evolving buyer priorities: 

• “Pool” topped the list, highlighting the desire for luxury amenities. 

• Coastal features such as “waterfront” and “view” surged in popularity. 

• Demand for affordable housing options like duplexes and units grew as affordability pressures intensified. 

4. A Buyer-Friendly Market? 

Easing price growth and longer days on the market toward the latter part of 2024 suggested a shift in favour of buyers. Negotiations became more common, signalling a softening of seller dominance. 

2025 Housing Market Forecast 

As we move into 2025, several factors will influence Australia’s property market: 

• Price Growth: While smaller cities are expected to maintain strong momentum, price growth in major capitals like Sydney and Melbourne is likely to moderate. 

• Interest Rate Cuts: Anticipated in mid-to-late 2025, these could reignite buyer activity and drive price increases. 

• Sustainability and Density: The growing popularity of energy-efficient homes and denser housing formats like townhouses will reshape urban living. 

Navigating the Housing Market with Property Dollar 

In this dynamic market, staying informed is critical. Whether you’re an investor, a first-home buyer, or someone tracking your property portfolio, having the right tools can make all the difference. 

How Property Dollar Helps You Succeed 

1. Real-Time Portfolio Tracking: Stay on top of your investments with real-time updates on property values, market trends, and rental income. 

2. Personalised Insights: Get tailored advice on buying, selling, or holding based on your unique goals. 

3. Comprehensive Data: Access in-depth market reports, including insights from Domain’s 2024 End-of-Year Housing Market Report. 

4. Simplified Financial Management: With features like depreciation schedule integration, powered by partnerships like the one with Washington Brown, managing your portfolio has never been easier. 

Final Thoughts 

The 2024 housing market proved that resilience is at the heart of Australian real estate. As we head into 2025, staying informed and proactive will be key to navigating an evolving market. Whether you’re buying, selling, or investing, Property Dollar offers the tools and insights you need to make confident decisions. 

Let us help you build and manage your property portfolio with precision and ease. Join the Property Dollar community today and take control of your real estate journey! 

References: 

• Domain 2024 End-of-Year Housing Market Report 

• Reserve Bank of Australia (RBA) Cash Rate Updates 

Disclaimer: The information provided in this blog is general in nature and not intended to be personalized financial advice. Please consult a financial advisor before making any decisions regarding your finances.