Australian Property Market Insights for 2024: Trends, Hotspots, and Investment Strategies
Watch Tyron Hyde, CEO of Washington Brown, ask Terry Ryder, CEO of Hotspotting, as they discuss the best places to buy property in 2024.
Key Takeaways from the Discussion:
- Melbourne’s Potential: Melbourne is perceived as a prime market for growth in 2024, especially after a moderate performance in 2023.
- Perth’s Peak: The Perth market is considered to have reached or be close to its peak, signalling a cautionary note for potential investors.
- Adelaide’s Attraction: Adelaide emerges as an unexpected yet strong contender for property investment due to its affordability and strong local economy.
Melbourne’s Market Maturation
The Resurgence of Melbourne Real Estate
The property market in Melbourne is expected to surpass the rise seen in 2023 in the coming year. Although there was initially a sluggish beginning, the market’s heightened sales activity suggests that there will be more substantial price growth in the future.
Terry Ryder highlights that in 2023, some capital cities experienced double-digit growth above 10%, but Melbourne was not among them. We anticipate that it will be greater in 2024. Investors should constantly observe this market as it undergoes a shift from moderate to potentially substantial growth.
Perth’s Pivotal Point
The Peak of Perth’s Market
It would appear the Perth market may have peaked, according to Terry Ryder and Tyron Hyde.
“What we’re seeing in our analysis of sales activity is that Perth has passed its peak, and it’s starting to taper off.”
Navigating the Perth Market
An investor who is worth their salt should be conversant with the stages that a property market goes through throughout its life cycle.
The current situation in Perth demonstrates how crucial timing is in the real estate industry. According to Ryder’s forecasts, investors should consider investing in other markets that are either on the rise or have not yet achieved their peak.
This is because the market is likely proceeding in a downward direction and could be doing so for awhile.
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Adelaide’s Underrated Appeal
Adelaide as a Prime Investment Choice
Ryder thinks Adelaide is the best place to buy a house in Australia now. “Right now, South Australia is ranked the number one economy in the country.” Adelaide is a great choice because it is affordable, has low vacancy rates, and has strong economic signs.
The pros and cons of living in Adelaide
Investing in Adelaide might give you a unique mix of growth and value that you can’t find in any other city.
When you put together a strong local economy and a strong real estate market, you have a strong case for buyers.
But you shouldn’t ignore the risks that come with investing in an undervalued market; you need to do a lot of study and understand how Adelaide works in order to make money.
As we go over what Hyde and Ryder said, it’s clear that the Australian real estate market in 2024 needs smart thinking.
Investors should think about how much Melbourne can grow, be careful of Perth’s prices rising, and don’t forget about Adelaide as an investment spot because of its strong local economy and low property prices.