It's nearly the end of another remarkable year for Australian property. As 2023 winds down, many sellers will be wondering - what will the market be like in the new year?
Price records are being broken but interest rates have also risen once again, and it can be difficult to make sense of what comes next.
Let's break down where we are now, what's being forecast for 2024 and what opportunities the new year could bring.
Prices rocketed back up in 2023
Australia's property market has been through a rollercoaster few years but it's returned to record-breaking strength.
Prices dipped at the beginning of the pandemic then exploded to new highs in 2021. Rising interest rates saw home values drop in 2022 only to come roaring back in a stunning market recovery throughout 2023.
CoreLogic's latest report shows that Australia's median property value is due to hit a new all-time high during November after gaining +7.6 per cent since January alone.
Brisbane, Perth and Adelaide are already breaking new price records and Sydney is well on the way, having restored a full +11.6 per cent so far this year.
Melbourne, which has seen less severe losses and gains in recent years, is still ticking up at a steady pace. Hobart, Darwin and Canberra have had a more muted recovery in 2023.
Regional Australia is a mixed bag. South Australia and Western Australia are both at record highs with Queensland close behind while NSW, Victoria and Tasmania have seen only modest growth.
Overall, the numbers paint a picture of an astonishingly resilient Australian property market in the face of rising interest rates and some economic uncertainty.
As the spring selling season has progressed, a growing number of sellers have returned to capitalise on high prices and strong demand that's been bolstered by a rapidly growing population.
What's being forecast for 2024?
The property market has proved particularly difficult to predict in recent years, but expectations for 2024 are broadly positive.
The big four banks are forecasting national growth of between +3 and +5 per cent for the new year — less than we've seen in 2023 but still close to the 30-year average.
Spotting opportunities early in the year
The end-of-year holiday period is typically a quiet couple of weeks for the property market before things are kickstarted again in January. But what will that look like in 2024?
We're launching a lot of properties over the Christmas break because we think the market's going to bounce back quite early.
The holidays are a perfect time to get a head start on a successful campaign in early 2024. Use the Christmas break to do those skip runs you've been putting off. That way as soon as you get to the new calendar year you're ready to get photography done, your home is looking its best for the market, and you go to market.
Thinking of selling in 2024?
If you're still looking to get in on the action this coming summer, it's important to be as prepared as possible in order to cut through the competition and achieve a standout result.
Step 1: Understanding how your market is performing
Every market is different, and understanding your local market is fundamental to making the right selling decisions. Our guide to tracking market trends and data will help you to get a clear picture of how your market is performing and how that impacts you as a seller.
Step 2: Know what your property might be worth
Getting a free home value estimate is a great way to set a foundation for your selling expectations and begin planning the path forward.
Step 3: Get a no-obligation market appraisal
Understand what your property could sell for in the current market by speaking to us and we will help you on your selling journey and move towards a successful result.
Step 4: Finally, get your property listing-ready
Taking a thorough approach to preparing your home for sale is another critical step. From cleaning, decluttering, painting and performing other cosmetic renovations to home staging, photography and marketing, getting your property to sale-ready condition is a must.