Herron Todd White Property Clock June 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
Melbourne experienced a dynamic period marked by fluctuating conditions. While the market faced challenges from rising interest rates and economic uncertainties, demand remained strong, especially in desirable inner-city and suburban areas. The median house price in Melbourne saw a slight increase, driven by limited supply and high buyer interest. Rental vacancies remained low, contributing to rising rents and making investment properties attractive despite the broader economic pressures. Notably, new property listings were modest, reflecting a cautious seller sentiment, but overall, the market maintained a steady pace with positive growth prospects in certain segments.
Queensland
South East Queensland continued its robust performance, driven by sustained demand and significant population growth. The region, encompassing Brisbane, the Gold Coast, and the Sunshine Coast, saw steady increases in property prices as both interstate migrants and local buyers vied for limited housing stock. Brisbane's median house prices rose notably, supported by strong rental yields and low vacancy rates. The Gold Coast and Sunshine Coast also experienced heightened demand, particularly in lifestyle-oriented suburbs. Infrastructure developments and preparations for the 2032 Olympics bolstered confidence in the market. Overall, South East Queensland remained a hotspot for property investment, offering attractive opportunities amidst a competitive landscape.
Western Australia
Perth showed signs of transitioning from a rising market to approaching its peak. Property prices continued to climb, albeit at a slower pace, indicating a potential plateau. The sustained demand, driven by both local buyers and investors from the eastern states, kept competition high, particularly in affordable outer suburbs. However, the rate of growth in property values started to moderate, suggesting that the market was nearing its peak. Rental yields remained strong, supported by low vacancy rates, but the increase in new listings hinted at a growing willingness among sellers to capitalise on the favourable market conditions. As Perth's property market approached its peak, cautious optimism prevailed, with stakeholders watching closely for signs of a market shift.