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Real Estate Market Recap April 2024

Australia’s real estate market has weathered the storms of cost-of-living woes amid high interest rates. Indeed, it has shown healthy growth for 14 consecutive months. But was this upward trend constant in March? And which residential areas attracted most of Australia’s potential home buyers? 

Get the inside scoop in our April 2024 real estate market recap.

Key Points

Market Overview

Australian home buyers have suffered several interest rate hikes in the past two years. While this has put pressure on mortgage holders and made new buyers nervous, they held onto the hope that interest rate cuts were around the corner.

The RBA dashed those hopes with their decision to wait until inflation declines. However, their decision to maintain the rate for the moment was not wholly unexpected, thus demand for housing remained high in March. 

While not as spectacular as the boom starting last year, the market continued to show steady growth, with a home value index increase of 10.2% and a first-quarter growth rate of 1.6%. This was not experienced equally across the capitals, though. 

An example is Darwin, which showed a decrease of 0.2%, compared with Perth’s increase of 1.9%. Adelaide and Brisbane showed increased interest too, with growth of 1.4% and 1.1% respectively.

Relevant News

While mortgage holders and potential home buyers continue to wait for that highly anticipated rate cut, the Reserve Bank of Australia (RBA) has taken a conservative approach. 

Their decision to maintain the cash rate at 4.35% and their statement that “inflation continues to moderate but remains high” may have dampened a few spirits. The RBA continues to wait for economic growth to improve and inflation to fall within a target band. Yet demand for housing in Australia remains high.

New buyers’ property searches gave insights into some of the most sought-after areas for residential property in Australia. The suburbs of Balcatta and Tuart Hill showed more than a 40% increase in search activity.

Conclusion

The capitals Perth, Adelaide and Brisbane continued to show promising growth. The interest rate cut eagerly awaited by mortgage holders and home buyers in recent months did not come in March. However, this did not slow down the property market’s steady upward trajectory. 

While the RBA waits for signs of more robust economic growth and slowing inflation before lowering interest rates, you can still slash mortgage repayment rates. Just use our free AI-powered Mortgage Diagnostic Tool.

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