expectation. McGrath predicts that Sydney will continue to see steady growth in 2024, as long as interest rates remain stable and the economy continues to recover.
Melbourne
Melbourne, like Sydney, experienced a significant drop in property prices during the pandemic, with a 19.8 per cent decline between March 2020 and March 2022. However, the market has started to rebound, with a 12.8 per cent increase in median home values in the six months to November 2023.
McGrath believes that Melbourne will continue to see positive growth in 2024, but at a slightly slower pace than Sydney. He predicts that the market will perform particularly well in the middle and outer suburbs, as buyers seek more affordable options outside of the city centre.
Brisbane
Brisbane has been somewhat of a sleeper in the property market, with moderate growth compared to Sydney and Melbourne. However, McGrath predicts that this will change in 2024, with Brisbane set to experience a surge in buyer demand and property prices.
Driven by strong interstate migration, infrastructure projects, and a more affordable housing market compared to Sydney and Melbourne, McGrath believes that Brisbane will become a major player in the national property market next year.
He suggests that buyers should focus on suburbs with good access to public transport, such as the inner and middle-ring suburbs, as these areas are likely to see the most growth.
Adelaide
Adelaide has been a steady performer in the property market, with consistent growth over the past few years. McGrath expects this trend to continue in 2024, with Adelaide seeing modest but sustainable growth in property prices.
He believes that the city’s affordability and lifestyle offerings will attract more buyers, particularly from the eastern states. The market is likely to be strongest in the inner and middle suburbs, as well as the coastal regions.
Perth
Perth has been a challenging market in recent years, with property prices declining for several years. However, McGrath predicts that 2024 could be the turning point for Perth, with the market set to stabilize and potentially see growth.
Factors such as the state’s economic recovery, population growth, and increasing demand for housing are expected to contribute to Perth’s property market improvement. McGrath suggests that buyers should consider suburbs closer to the city centre and areas with good access to amenities and infrastructure.
Overall, McGrath’s predictions for the top-performing property markets in 2024 highlight the resilience and recovery of the Australian real estate market. While Sydney and Melbourne have experienced significant changes in recent years, they are expected to continue to grow steadily. Brisbane, Adelaide, and Perth are also emerging as strong contenders in the property market, offering affordability and lifestyle benefits to buyers. However, it is important to note that these predictions are based on current market conditions and can be influenced by a range of factors such as economic changes or government policies.
Read the Full News at www.realestate.com.au
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