While this continues to be the hottest real estate market in Australia, Sydney and Melbourne recorded the highest growth for the month at 1.1 per cent.
While Sydney has taken a bit longer to recover compared to some of the smaller cities, it is off to a strong start. Prices have risen by 3.1 per cent since the start of the year, the strongest of the capital cities over this time period. Regional NSW is also showing strength, up one per cent over the month. Holiday home and lifestyle areas are also showing signs of recovery with Richmond-Tweed now exceeding COVID-era peaks.
In the unit market, shortages in stock are driving up prices in Adelaide, Brisbane and Perth, all up over 10 per cent for the year. Positively for Melbourne, the city saw the strongest unit price growth in February.
What’s the outlook? With the possibility of rate cuts plus continued shortage of homes, it looks like we are on track for stronger price growth in 2024 than we were in 2023. It remains a sellers market however stock availability is improving which is positive for buyers looking to get into the market.
