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Real Estate Market Recap March 2024

The past month showed record-high home values. Almost all capital cities showed a rise in median home value. But in the face of high mortgage payments, budget-conscious buyers have been turning to more affordable properties. This is your Australian real estate market recap for March 2024.

Key Points

Market Overview

In March 2024, Australian national home values hit another record high for a fifth consecutive month. The home value index has shown an increase of 0.6%. 

Australian homes are still selling, with impressive growth seen across the board. However, many buyers are turning to less expensive properties while interest rates remain high. This is evident from the dramatic uptick in demand for the lower quartile of the residential property market. 

Of course, the capital cities will always be the main stars of the show. Therefore, it’s no surprise that all of the capital cities but Darwin showed a rise in median dwelling values, with Perth very much in the lead.

Relevant News

A look at the Australian Bureau of Statistics’ latest release shows the significant rise in total Australian home value and residential dwelling median prices seen in the last quarter of 2023. And it appears that the trend has continued in March 2024.  

While the Australian Reserve Bank’s many interest rate hikes since 2022 have seen mortgage payments become more challenging, people are still buying. However, the shift in demand toward more affordable properties cannot be denied. 

Although the more expensive quartile of the market showed a 0.7 increase, this pales in comparison to the lowest quartile’s 3.1% over the January-March period.

Except for Darwin, every capital city saw a rise in median dwelling values. Perth was in the pole position with a 1.9 % rise, while Adelaide boasted a 1.4% rise followed by Brisbane at 1.1%. Sydney’s growth was less remarkable, at 0.3%.

Conclusion

The real estate market in Australia in March 2024 continues to show growth. 

Building on the success of the past few months, March showed record-high home values to meet continuing demand. Although many buyers are turning to less expensive properties, the more expensive end of the residential property market showed modest growth as well. 

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