With the first quarter of 2024 now in the rearview mirror it already appears highly likely that capital growth rates of between 10 and 20 percent for this calendar year will be experienced in many locations across this huge country.
To highlight the intense competition among buyers, last weekend’s national auctions had an average of 3 active bidders per property. It is as hot as the Sahara Desert.
Large parts of Australia are still experiencing incredibly low supply of properties listed for sale (the ‘green’ line in the below chart). And housing never goes out of fashion!
Meanwhile, the ‘blue’ line is reflective of buyer confidence supported by the strongest employment conditions in 50-years and an acceptance that interest rates have stabilised (and will probably decline before too long). People are chasing their dreams.
To produce this report, Propertyology used a combination of various data sets along with our communications direct with real estate professionals across the country.
The feedback from agents across Australia revealed a few common denominators, including that houses at the more affordable price point are attracting the most competition.
Owner-occupier activity is dominating, first home buyer interest is solid, there is no sign of a spike in distressed sales, and high construction costs have suppressed buyer appetites for renovations or new home building.
After cross referencing what is happening at the property market coalface, we believe that 2024 has genuine potential to produce one of the highest rates of growth in the last 30+ years.
Real estate agents far and wide are still seeing first hand evidence of lots of people relocating away from Sydney and Melbourne.
The rates of capital growth in Q1 2024 in many locations was spectacular. A few key leading indicators suggests the pressure will intensify during the rest of this year. The annualised growth rate in some instances is likely to be circa 20 percent.
Listed in alphabetical order, this unique property market report outlines conditions in 33 different townships across all states and territories.
Adelaide SA
Capital growth (2024 annualised): 12% Stock listings (5Y change): -40% Days on market (2023 >> 2024): 37 >> 37
60 percent capital growth over the last 5-years, double-digit growth over the last 12-months and an accelerating property market is indicative of Adelaide’s very strong economy and low housing supply. “Adelaide has enjoyed a jobs bonanza in recent years. There’s lots of new knowledge-based roles with strong incomes in sectors such as science, health, space and education,” said Suzannah Toop from one of Adelaide’s most decorated real estate agencies, Toop and Toop. “We now have a year-round calendar of major events in arts, culture, sport, food and our wonderfully popular wineries and beaches.” Ms Toop told Propertyology that local confidence is high. “We are regularly in multi-offer situations. Our agents have observed strong buyer activity from people relocating to Adelaide, along with plenty of people adopting the work-from-anywhere lifestyle choice.”
Albany WA
Capital growth (2024 annualised): 10% Stock listings (5Y change): -65% Days on market (2023 >> 2024): 16 >> 21
“It is the strongest market we’ve seen for 15 to 20-years. We’ve already seen 35 percent price growth over the last 3-years. The current annualised pace is around 10 percent and accelerating,” Jeremy Stewart from Merrifield Real Estate told Propertyology. The Albany economy is ‘robust’, with its 2 percent unemployment rate being half the national average. “The health sector, government jobs, tourism, timber and livestock all have plenty of jobs available.” A $500,000 median house price is obviously very attractive. Mr Stewart described strong competition and frequent multi-offer scenarios for very low housing stock. “65 percent of buyers are local owner-occupiers, but I’m observing more people relocating from Perth to Albany. Some of them are FIFO workers, some are lifestyle-chasers, others are retirees,” said Mr Stewart. Buyers do not have any interest in construction. The Albany rental market is desperately tight with only 15 properties available for rent.
Albury-Wodonga
Capital growth (2024 annualised): 5% Stock listings (5Y change): -35% Days on market (2023 >> 2024): 33 >> 43
One of my all-time favourite cities, the beautiful border towns of Albury and Wodonga, still has tight housing supply. Property market conditions are less frantic than what they had been. Jake Spargo of First National Real Estate told Propertyology “…we are going to have substantial continued growth in our region with well-planned infrastructure being developed. Land releases across both sides of the border, upgrades to our airport, direct flights to Queensland, state and federal government focus on hospital upgrades, the growth of our industrial sectors… we are an attractive destination for many.”
Armidale NSW
Capital growth (2024 annualised): 8% Stock listings (5Y change): -40% Days on market (2023 >> 2024): 41 >> 52
“The ability to work from home is a big thing for Armidale,” according to Luke Fahy of HH Real Estate. “We are seeing a lot of people relocating to Armidale from Queensland, Sydney, Melbourne and Canberra.” With some of Australia’s best education facilities, many families see Armidale as a ‘go to’ destination. The recent establishment of federal government department in Armidale is complimented by an expansion of the university, lots of businesses building new premises in a newly developed industrial park and a variety of renewable energy projects are in the project pipeline. The employment opportunities, the incredible lifestyle and affordable housing are attracting buyers. “There is a great energy. We’ve noticed a surge in enquiries and properties selling quicker.”
Ballarat VIC
Capital growth (2024 annualised): 2% Stock listings (5Y change): +40% Days on market (2023 >> 2024): 27 >> 47
Ballarat is yet to recover from the downturn following COVID lockdowns. “The market broadly came off around 10-15 percent. Bargains still exist,” said Cate Bakos of Cate Bakos Property. Price discounting and agent follow-up are hallmarks of the current market. Even quality properties are harder to sell right now. “I recently acquired a Ballarat property for $675,000. The vendor purchased it during COVID for $720,000 and then updated it.” There are some good opportunities in this iconic regional city for owner-occupiers. “Ballarat has had a cultural explosion of activity. Beautiful guest houses, restaurants, bars and breweries, gin/whiskey bars, you name it.” From a rental market perspective, there are anecdotal suggestions that Ballarat real estate agents have experienced a reduction in the size of their rent roll, as a result of investors selling out of Victorian markets.
Related article: 2024 Property Market Outlook
Bendigo VIC
Capital growth (2024 annualised): 3% Stock listings (5Y change): -30% Days on market (2023 >> 2024): 28 >> 39
Adrian Robinson from Belle Property Bendigo told Propertyology that, while general business and consumer confidence remained buoyant, real estate buyers were conscious that they now have more properties to choose from. Mr Robinson noted that “…the urgency which drove 60 percent capital growth over the last 5-years has dissipated; properties are sitting on the market for longer. But stabilised interest rates is reflected in recently improved confidence.” Bendigo’s property market fundamentals are as hearty as a tasty casserole.
Brisbane QLD
Capital growth (2024 annualised): 13% Stock listings (5Y change): -40% Days on market (2023 >> 2024): 23 >> 23
Simon Clarke from Brisbane-based buyer’s agency, Setlr confirmed that real estate values are strong. “On quality properties, I would say we have seen a 3-5 percent increase over the last 3-months (annualised 12+ percent).” Real estate agent stock levels are as bare as Mother Hubbard’s cupboard. Local confidence is running high from large scale investment in urban renewal and infrastructure investment, wages are strong and interest rate cuts could be just around the corner. Mr Clarke referenced a correlation between the stabilisation of interest rates and buyer confidence. And there’s been no sign whatsoever of distressed sales or the ‘mortgage cliff’ which was much touted throughout 2022-23.
Busselton WA
Capital growth (2024 annualised): 18% Stock listings (5Y change): -60% Days on market (2023 >> 2024): 15 >> 20
“I have never seen the Busselton property market as strong as this in all of my 30-years selling real estate,” said Jason Cooper from Ray White. There is a healthy mix of local buyers, people relocating away from Perth, others moving over from the east coast and strong activity from property investors. “Busselton is WA’s best lifestyle location. It has recently benefitted from a major airport upgrade, direct flights to more capital cities, the Hilton hotel development and a new arts precinct,” said Mr Cooper. He also emphasised that the work-from-anywhere phenomenon ‘was massive’ for this idyllic regional city. Housing stock levels remain at record lows. Current price activity can be extrapolated to a 2024 annualised growth rate of between 15 and 20 percent.
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Cairns QLD
Capital growth (2024 annualised): 15% Stock listings (5Y change): -50% Days on market (2023 >> 2024): 16 >> 19
“I’ve observed at least 5 percent price growth in just 4-months since November. It is our strongest property market since 2007”, said Karl Latham from Twomey Schriber Property Group. There’s plenty of jobs and a steady surge of people relocating from several capital cities for the tropical lifestyle and relatively affordable housing. “We’ve had some good infrastructure investment. Southerners who work in the health, education or navy sector are actively looking to relocate here.” Mr Latham said that record low listing supply was creating intense competition with 20-30 groups at open inspections, multiple offers, and homes selling by the second weekend of listing. Home upgraders were dominating the market. “Low maintenance properties in the $650,000 to $800,000 bracket are smashing everyone’s expectations.” The current trajectory for the 2024 calendar year is capital growth in the very high teens. The rental market was even tighter. “Property managers are regularly receiving 4 or 5 applications from quality tenants, but we’ve run out of homes for people.” People are living in caravan parks and cars.
Canberra ACT
Capital growth (2024 annualised): 2% Stock listings (5Y change): -7% Days on market (2023 >> 2024): 45 >> 48
Over the 12-months to May 2023, Canberra’s median house price declined by 12 percent. Generally speaking, there has been mild growth since then, although Claire Corby from Capital Buyers Agency described segmented demand. Buyer demand for houses in inner-city suburbs is increasing. Meanwhile, the highrise apartment market is swamped by quality control concerns. “For homes that don’t require renovation, we’ve observed buyers applying a fair premium. Similarly, with dress-circle streets that back onto reserves in sought-after school zones,” said Ms Corby. The well- respected buyer’s agent has observed improved confidence this year, mostly home upgraders along with an increase in first home buyer activity.
Central Coast NSW
Capital growth (2024 annualised): 6% Stock listings (5Y change): -10% Days on market (2023 >> 2024): 34 >> 33
Conditions are soft for higher-priced properties, thereby dragging down the overall change in median values. But Matt Sharp of Sharp Property Buyers said there has been strong competition for properties in the sub $1.2 million price bracket and an increase in house values of up to 5 percent over the last 3-months. The most active buyer types are Sydney-based investors, along with people relocating away from the big-smoke. “The Central Coast is experiencing an exhilarating wave of businesses setting up shop here. It is becoming a dynamic hub for entrepreneurial activity.”
Darwin NT
Capital growth (2024 annualised): 5% Stock listings (5Y change): -20% Days on market (2023 >> 2024): 47 >> 52
“Market conditions are now the healthiest that Darwin has experienced since 2013,” said Rachel Baldock from Elders Real Estate. There is a good balance of real estate stock for sale and genuine buyer activity. “If anything, stock levels are tightening, and confidence is improving. Good quality homes where buyers can move straight in are selling within a few weeks,” said Ms Baldock. The home upgrade segment is dominating, particularly properties with a lifestyle element in the $700,000 to $800,000 bracket. Rural lifestyle properties are also very popular. Conversely, there is very little interest for properties that require renovation or from investors.
Dubbo NSW
Capital growth (2024 annualised): 9% Stock listings (5Y change): -25% Days on market (2023 >> 2024): 36 >> 41
“Everyone is very busy. As a major regional hub, Dubbo continues to absolutely thrive,” said Matt Hansen of Matt Hansen Real Estate. “Established homes below $600,000 are flying off the shelf, first home buyers and upgraders are very active.” Double-digit capital growth is distinct possibility for 2024. “We’ve seen at least 3 percent growth in the last 3-months alone,” said Mr Hansen.
Geelong VIC
Capital growth (2024 annualised): 1% Stock listings (5Y change): +30% Days on market (2023 >> 2024): 29 >> 42
“Several past clients of ours who have made the decision to sell are citing higher holding costs, onerous rental laws and mandated compliance checks,” said Cate Bakos of Cate Bakos Property. Geelong real estate values lost ground during the 18-month RBA rate rise cycle. Geelong agencies are reporting price reductions of between 5 and 10 percent. But the 2024 calendar has started with improved market strength. Upgraders, first home buyers and some relocators are taking advantage of Geelong’s strong services sector and quality lifestyle. “Geelong has a great dining precinct that was developed through COVID and is flourishing now. It has changed the city vibe completely. The recent addition of Deakin University’s waterfront campus has also bought more people to the city,” said Ms Bakos.
Geraldton WA
Capital growth (2024 annualised): 30% Stock listings (5Y change): -20% Days on market (2023 >> 2024): 49 >> 46
Holy Moly. “Comparable well-maintained homes that sold for $440,000 just prior to Christmas were selling in March for $550,000+. That’s about 30 percent growth in just 3-months,” said Lara Sadowski from Geraldton Property Team. The property market is so tight that the city’s growing population are now competing for 53 percent less properties than the same time 10-years ago. Ms Sadowski from said there are a lot of young families relocating to the seaside city. “The local economy is strong, new businesses are popping up, development of the Oakajee major industrial precinct has commenced, and our regional lifestyle is popular.” Property investors were attracted to the high rental yields, including some absolute bargains under $300,000. Home upgraders and first home buyers were very active.
Gold Coast QLD
Capital growth (2024 annualised): 18% Stock listings (5Y change): -50% Days on market (2023 >> 2024): 25 >> 23
Tony Coughran of Simply Gold Coast Buyers Agents confirms the competition for properties up to $1.2 million is intense and the (annualised) price growth already observed in Q1 2024 is approximately 18 percent. First home buyers are active, but they are not alone. “We are regularly seeing 20-40 groups at open homes, producing hotly contested multiple offer situations,” said Mr Coughran. There is a re-emergence of investors and owner occupiers. “They were sitting on the fence 12 months ago and now realise that the market is not dropping as they might have previously hoped,” said Mr Coughran. A variety of important infrastructure projects and a structural shift towards a knowledge-based economy is attracting many bright minds to the region. “We’re continuing to see business startups as well as big business seeking better affordability as they relocate their operations here,” said Mr Coughran. “The local economy is alive and well, more jobs, more people coming to the Gold Coast, creating higher demand in the market.” The rental market is just as strong, not helped by anecdotal reports of agency rent rolls reducing in size by as much as 20 percent, due to landlords becoming fed up with politicians bringing in onerous policies.
Gympie QLD
Capital growth (2024 annualised): 15% Stock listings (5Y change): -28% Days on market (2023 >> 2024): 26 >> 33
Jesse van Nek of Remax Property Group said that very little housing stock and seriously strong demand, including from downsizers looking to relocate from Sunshine Coast, has already pushed house prices up by circa 10 percent over the last few months. Many local residents are keen to upgrade their home but are refusing to put their current home on the market because there is nothing suitable available.
Hobart TAS
Capital growth (2024 annualised): 3% Stock listings (5Y change): +25% Days on market (2023 >> 2024): 13 >> 34
The market peaked at $797,000 in June 2022 and then dipped to $690,000 12-months later. Patrick Berry from 4 One 4 Property Co said Hobart real estate values stabilised in recent months. He said there was no sign of distressed sales, but some investors who purchased at the peak of the market have recently expressed interest in selling their property. “Home upgraders make up 65 percent of current buyers, first home buyers about 25 percent and 10 percent are investors,” said Mr Berry. Tasmania’s economy and airport passenger volumes are both strong. From an infrastructure perspective, the state’s biggest ever project (Bridgewater Bridge) is now under construction. The very bright light on the hill in the horizon is the numerous benefits associated with the new Hobart stadium and entertainment precinct.
Launceston TAS
Capital growth (2024 annualised): 4% Stock listings (5Y change): -5% Days on market (2023 >> 2024): 18 >> 35
After losing approximately 5 percent value during 2023, the stable Launceston property market has recently seen a mild uptick in house prices. Sam Spilsbury of Buyers Agents Tasmania told Propertyology that the most prominent buyers are locals upgrading their homes and people relocating from the mainland. In addition to the local economy continuing to be strong, Ms Spilsbury described a heightened ‘community spirit and excitement’ from Tasmania’s recent emergence as an elite sports powerhouse. “There’s a huge buzz across the state from the success of the Jack Jumpers in the national basketball competition, and things are now getting real with stadium developments and Tasmania’s entry into the AFL from 2028.”
Mackay QLD
Capital growth (2024 annualised): 14% Stock listings (5Y change): -28% Days on market (2023 >> 2024): 28 >> 22
A very low local unemployment rate and good quality homes for $500,000 is a combination as appetising as strawberries and cream. Leanne Druery from Remax Select described Mackay’s property market as ‘very strong’. “Stock is extremely tight, confidence is high and buyers are competing hard. Almost all of the buyers are locals. Upgraders, first home buyers and investors are all very active,” said Ms Druery. Local businesses are buoyant. Construction of the $250 million hospital expansion (600 new jobs) is in full swing. Mackay’s tourism trade is supported by an interesting annual calendar of events, including the popular half marathon in June. “I have lived here for 30-years and the vibe in town is as good as ever. It will get even better once the exciting development of the Dunes Harbour Beach (waterline residential and tourism project) kicks off,” said Ms Druery.
Maryborough QLD
Capital growth (2024 annualised): 10% Stock listings (5Y change): -55% Days on market (2023 >> 2024): 22 >> 39
Courtesy of a few major job creation initiatives, the economy is humming in the iconic Queensland regional city of Maryborough. Local manufacturer and one of the state’s oldest companies, Downer EDI has been awarded a massive contract to upgrade the Queensland government’s train fleet. A large investment in highway infrastructure and increased demand for the region’s agribusiness and timber plantation have influenced high local confidence and wage growth. This city has more energy than a kennel full of kelpies. The region’s incredible weather and Maryborough’s sub $600,000 median house price continues to attract high volumes of internal migration.
Melbourne VIC
Capital growth (2024 annualised): 3% Stock listings (5Y change): +2% Days on market (2023 >> 2024): 29 >> 30
Over the last 4 financial years, 80,000 people (net) have relocated away from Melbourne. While the rate of internal migration decline has eased, the latest ABS data confirms Melbourne is still leaking population. The extraordinarily high Victorian state government debt and a suite of new property taxes have already proven to be problematic for the state’s property markets. Luke Assigal from Parley Property Advisory has observed a “3 to 4 percent pullback in Melbourne property values” in recent months. Mr Assigal acknowledged that state government land tax increases and onerous rent legislation has definitely driven a lot of property investors to sell up. On the flip side, the Melbourne real estate window is now wide open for owner-occupier upgrades and first home buyers.
Mount Barker SA
Capital growth (2024 annualised): 12% Stock listings (5Y change): -40% Days on market (2023 >> 2024): 35 >> 33
Harry Tsagaris from Mount Barker real estate agency Sexton Glover Watts has observed approximately 3 percent capital growth over the last 3-months (annualised 12 percent for 2024). “The strongest activity is from young professional couples, people relocating from Adelaide and first home buyers,” said Mr Tsagaris. This fast-growing city on the outer fringe of Adelaide is developing new schools, shopping centres and elite-level sporting facilities for the youthful demographic that value the country lifestyle and 30-minute proximity to capital city amenities.
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Newcastle NSW
Capital growth (2024 annualised): 6% Stock listings (5Y change): -18% Days on market (2023 >> 2024): 28 >> 29
There has been an increase in real estate listing volumes and some property investors are selling to deleverage their portfolio. But the Newcastle property market in general is solid. Kevin Mason of Newcastle Buyers advocate believes the local market is currently running at an annualised pace of approximately 6 percent. He has observed an equal mix of home buyers relocating from Sydney to Newcastle along with many investors. “The attractive lifestyle and affordability (compared to Sydney) are two key drivers of demand,” said Mr Mason. Significant infrastructure projects include a major airport upgrade to international status, a couple of university projects and development of a sports and recreation hub in the suburb of Broadmeadows.
Northern Rivers NSW
Capital growth (2024 annualised): 7% Stock listings (5Y change): -10% Days on market (2023 >> 2024): 45 >> 63
Townships such as Byron, Ballina and Coffs Harbour were Australia’s strongest property markets for a few years leading up to the commencement of the RBA rate cycle in May 2022. Those same markets declined by circa 20 percent over the following 18-months but have since stabilised. Mark Humphries from @realty specialises in the town of Kingscliff and described it as ‘buoyant.’ “We now have plenty of stock and reasonably solid buyer activity. Quite a few people have recently sold – they cashed in their gains and relocated to more affordable locations like the Gold Coast or Port Macquarie,” said Mr Humphries. He did say that the market for higher quality houses in the $3 – $5 million range is quite depressed.
Orange NSW
Capital growth (2024 annualised): 4% Stock listings (5Y change): +24% Days on market (2023 >> 2024): 39 >> 63
“There has been a large increase in the number of people at Open Homes since Christmas. Confidence is definitely on the rise now,” said Ash Brown from One Agency. Until recently, housing in Orange was as tight as a rusty bolt, making it one of Australia’s best performed property markets for sum years. “Buyers now have plenty of stock to choose from. A lot of vendors have unreasonable price expectations. When priced right, properties are selling reasonably quickly.” The most active buyer type is the young family upgrader. High holding costs has resulted in quite a few investors selling out of the market.
Perth WA
Capital growth (2024 annualised): 18% Stock listings (5Y change): -30% Days on market (2023 >> 2024): 17 >> 15
Perth’s economy is firing from a $12 billion capital expenditure pipeline and a very strong mining sector. “The current property boom appears to have started with bargain hunting investors at the forefront of locals who hadn’t seen price growth in over a decade,” said Matt Knight from Precium Buyers Agents. “We have seen a 2-4 percent jump in values already this year. All buyer types are strong. Relocators are particularly concerned about not being able to secure rental accommodation and being employed but homeless – thus preferring to buy in advance if they can.” The Perth property market is as hot as a Kolkata curry.
Related article: Perth Case Study
Shepparton VIC
Capital growth (2024 annualised): 2% Stock listings (5Y change): -21% Days on market (2023 >> 2024): 35 >> 50
Housing supply volumes in the productive food bowl of Shepparton are at about equilibrium level, according to Lucky Manget from Barolli Real Estate. Mr Manget told Propertyology that the local market had softened a little bit over the last 6-months. “Demand is still good though. There is a reasonable number of local residents upgrading their home and I’m still selling to people who have relocated from Melbourne.”
Sydney NSW
Capital growth (2024 annualised): 5% Stock listings (5Y change): -13% Days on market (2023 >> 2024): 33 > 27
Rich Harvey from Propertybuyer believes the Sydney market is currently running at an annualised pace of approximately 5 percent. “Middle ring suburbs in the $1.2 to $2.5 million price range have seen the strongest demand.” Professional couples and families looking to upsize are the most active. “I have seen more vendors that are financially stretched due to higher mortgages. Some people bought at the peak of the market, then suffered price falls, when mortgage rates rose from 2 to 6.5 percent some are considering selling to reduce mortgage pressure,” said Mr Harvey.
Toowoomba QLD
Capital growth (2024 annualised): 13% Stock listings (5Y change): -45% Days on market (2023 >> 2024): 14 >> 18
Local Toowoomba agent, Mark Costello, from iThink Property told Propertyology that the abundance of employment opportunities and housing affordability were driving strong demand. “We’ve sold homes to lots of people who have relocated away from other more expensive parts of south-east Queensland, such as Sunshine and Gold Coast. Investor enquiry from Sydney and Melbourne is also strong.” Mr Costello said stock levels had been low for quite a while and local confidence was high. “There definitely is less interest in properties that require renovation.”
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Townsville QLD
Capital growth (2024 annualised): 20% Stock listings (5Y change): -45% Days on market (2023 >> 2024): 22 >> 19
“Over the last 3-months, some properties have sold for more than 10 percent above the asking price,” said Aimee Young of Daring & Young Property. Their agency has observed an increase in enquiry from people relocating to Townsville for lifestyle and employment reasons. Australia’s 13th largest city has seen a staggering suite of major projects which, collectively, have improved local amenities, increased local confidence and driven the nation’s strongest economic growth. After officially opening just 4-years ago, Townsville’s $230 million 25,000-seat stadium generated $50 million for the local economy from 40,000 visitors that, last weekend, travelled to see 2 concerts for global mega-star, Pink. The energy in Townsville is electric. “The robust real estate price growth is unlike anything I’ve ever seen before,” said Ms Young.
Victor Harbor SA
Capital growth (2024 annualised): 8% Stock listings (5Y change): -50% Days on market (2023 >> 2024): 33 >> 44
“Throughout all of the interest rate rises, properties here still increased in value. They are still increasing,” said Carly Schilling from Harcourts South Coast. Real estate in this lifestyle hotspot, just 1.5 hours south of Adelaide, is selling fast to owner-occupiers, holidaymakers, investors and intrastate migrants.
Warrnambool VIC
Capital growth (2024 annualised): 2% Stock listings (5Y change): -27% Days on market (2023 >> 2024): 29 >> 35
Located at the western end of the beautiful Great Ocean Road, the seaside town has very strong community connections and a sound economy, but there has been a drop off in real estate buyers. Matthew Wood from Harris and Wood real estate told Propertyology that there is a degree of uncertainty and unpredictability about the property market in Warrnambool. Approximately 20 percent of their buyers during the pandemic years were relocators out of Melbourne. “Stock levels aren’t too bad now. There is a reasonable volume of buyers but results from one property to another are very patchy. We’ll get strong competition for a couple of luxury homes and no interest in another. There is hardly any investor activity and very little interest in homes requiring construction.”
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