Property Market Trends and Predictions for 2024
2023 is officially behind us, and it’s a brand new year! Last year had some impressive growth for Brisbane and Cairns property markets and we're eager to see what 2024 holds.
The growth we saw last year has laid a strong foundation, and experts are buzzing about even bigger things on the horizon for these two Australian cities. Let's dive into what we can expect.
What to Expect from the Cairns Property Market
Reflecting on 2023, Cairns' property market saw a remarkable upswing in both house sales and rentals.
The average house value reached $522,464 – a 5.3% increase in just a year, and a whopping 35.2% over the last five years. This shows how much the area is growing in popularity.
Rental prices followed suit, with the average rent hitting $559, up 1.3% in a quarter and 6.4% annually. Over five years, that’s a 32.4% increase.
These figures highlight the strength and potential of the Cairns market as a hotspot for both investors and homebuyers.
Here’s what we're likely to see in Cairns for 2024:
Continuous Demand for Homes: The appeal of Cairns continues to grow, and so does the demand for properties. People are drawn to its lifestyle, increasing popularity, and thriving local economy.
New Developments on the Rise: With new construction and projects in the pipeline, we can expect some easing in the tight property market seen in 2023, offering more options for buyers.
Varied Price Increases: House prices are expected to keep climbing, with some areas, especially those near the city center or popular spots, potentially seeing bigger hikes.
Rental Market Adjustments: While the rental market has been strong, some changes might be on the horizon. Nonetheless, the overall trend points towards continued strength, backed by factors like tourism and the growing economy.
Diverse Buyer Interest: Cairns is set to attract a variety of buyers – from those purchasing their first home to investors and lifestyle changers. Initiatives like 'Help to Buy' are making property ownership more accessible.
What to Expect from the Brisbane Property Market
2023 was a standout year for Brisbane's property market, and all signs point to 2024 keeping that momentum going.
Expect to see house values jumping by a hefty 7-8%, and units are not too far behind, with a rise of 4-6%.
But that's just the start. Here are the five key trends likely to shape Brisbane’s market this year:
Interest Rate Adjustments: Watch out for potential interest rate cuts or financial boosts in 2024. These could really spark buyer interest, especially later in the year, and may push house prices even higher.
Seeking Affordability: With Brisbane's market growing, buyers are now eyeing less-known suburbs for better deals. The 'Help to Buy' program is set to make a big impact, especially for first-home buyers.
From NIMBY to YIMBY: Expect a shift in attitudes, supporting more housing developments in popular areas. This could really change the game in local property markets.
Driven by Population Growth: Brisbane's growing population is set to keep the housing market buzzing. More people moving in means more demand for homes.
Rental Market Evolution: The rental market might start balancing out, but it's still expected to be strong, thanks to factors like affordability and homeownership incentives.
Exploring Cairns Property in 2024? Connect with Champions in Real Estate
As 2024 unfolds, the Cairns property market is brimming with opportunities. If you're considering buying, selling, or investing here, it's the perfect time to explore your options.
Champions in Real Estate is at your service, offering personalized advice and support to match your real estate ambitions. Let's make 2024 a standout year for your property goals in Cairns.
