Herron Todd White Property Clock April 2024
- Posted By Chris Nicholson
Herron Todd White (HTW) is the leading property valuers in the country. Each month they release a monthly update and property clock. This gives a fair idea as to what to expect from the property market in the coming months.
When looking for a reliable insight into the property market, HTW gives an unbiased review of the current state of the market and what to expect in the coming months. After all they are the finance valuers that determine if people get finance or not.
Here is the latest property clock and the Meridien view on what is happening in Australia’s property market. It has been long expected that some markets will decline but no one knew just how long this property boom would last, but as evident below it is clear that some markets are beginning to slow.
Victoria
This month Melbourne moved out of ‘Start of Recovery’ and into a ‘Rising Market’. This can be attributed to a couple of changes that we have seen over the recent months. Immigration, especially students, has increased and confidence in the Melbourne market is on the rise.
As the rental supply tightens due to a lack of supply and rental prices increase, Melbourne is experiencing rental yields that are stronger than usual. Yet investors are still somewhat hesitate because of new land taxes and are unsure how long these yields will last.
Queensland
Both Brisbane and Gold Coast moved into a ‘Rising Market’. Supply has continued to be tight in South East Queensland so far this year with no end in sight.
Since COVID we have seen SEQ’s house and land prices skyrocket and refuse to come down. Just when we think the market might decline it simply plateaus for a moment then continues to climb. The lack of new developments contribute to this. When a new estate does come online it is quick to sell. We have not seen the end of the SEQ market’s rise.
Western Australia
Perth has shown no sign of slowing down. We are now seeing land for sale with registration over 12 months away. Perth recently was considered a cheaper investment compared to the other capital cities but now we have seen the average price of houses increase closer to the others.
It will be interesting to watch Perth in the coming months to see by how much the prices will increase, and will the multiple new land developments ease the ongoing supply issues.