09.08.24
Economic updates
The latest insights across the Nation’s changing real estate landscape have arrived, to help guide your decision-making. Watch the video below to discover the insights.
The first half of the 2024 calendar year has delivered annualised national price growth of 8%, almost the same rate of 8.1% achieved for 2024. The big difference this year is the prime growth drivers are the smaller capital cities of Perth, Adelaide and Brisbane, with annualised growth of 25%, 20% and 15% respectively. By contrast Sydney and Melbourne are underperformers with rises of 5.6% and negative 2% respectively.
Never before have we seen such a diversified set of state price performances and it’s important not to draw local conclusions on national data – which is so often the headline that attracts media attention.
The most recent data shows signs of a cooling national price growth as economic conditions begin to slow. This combined with listings growing 7.8% over the five year average is likely to see a reduction in the rate of price growth for the balance of the 2024 calendar year.
In an encouraging trend, we’re seeing increases in rental prices reduce slightly in the past quarter. This is an encouraging sign for the rental market and it’s likely the result of the beginning of a migration toward first home ownership for renters who see more sense in buying due to the relative escalation in rents compared to a mortgage.
For more insights into market trends and predictions in Perth, get in touch with Daniel-Paul Filippi directly today.
