In the latest episode of Market Watch, Scott and Deb teamed up to analyze Australian property market data as of November 30, 2024. Here’s a summary of the key insights and discussions from the episode:

1. Australian Property Market Snapshot

We analyzed performance data from three major property data sources: CoreLogic, SQM Research, and PropTrack. Here’s a quick breakdown:

CoreLogic (Monthly Growth) House Prices

  • Sydney: -0.4%
  • Melbourne: -0.5%
  • Brisbane: +0.6%
  • Adelaide: +0.7%
  • Perth: +1.0%

SQM Research (Monthly Asking Prices) for Houses

  • Adelaide led with a +2% increase, while Canberra saw an unusual +2.9% jump.
  • Notable differences from CoreLogic arise because SQM tracks asking prices rather than sales data.

PropTrack (Monthly Growth) – Houses

Results more consistent with Core Logic:

  • Sydney: +0.1%
  • Brisbane: +0.3%
  • Perth: +0.3%

See below for the data summary chart – note this data is for houses only.  Tracking apartment data really should be done on a suburb by suburb level.

2. Market Dynamics: Listings & Supply Trends

  • Total listings in November 2024 reached 272,000, primarily driven by properties that have been on the market for over 30 days.
  • In the past few weeks new listings fell by 0.4%, reflecting seller hesitation as they await potential interest rate cuts.
  • Key observations:
    • Sydney & Melbourne: High stock availability, giving buyers more choice.
    • Brisbane, Adelaide & Perth: Limited stock, keeping prices stable or rising.

3. Government Schemes & Housing Affordability

We also discussed government initiatives, including the newly approved Federal Labor Party’s Help to Buy scheme.

Key Points on the Help to Buy Scheme:

  • Designed to assist first-time buyers who may otherwise never afford property.
  • The government co-owns up to 40% of the property, reducing buyers’ initial purchase costs.
  • Despite misconceptions, this scheme is beneficial for renters transitioning to ownership.

Advice for Buyers Considering Schemes:

  • Focus on your financial goals and lifestyle needs before chasing grants.
  • Consider whether the properties eligible for these schemes align with your preferences.
  • Ensure you understand the long-term implications of co-ownership.

4. Strategic Tips for Buyers in a Shifting MarketSeller Trends: In Sydney, personal motivations (e.g. upsizing or portfolio changes) are driving listings therefore we expect Sydney’s supply of property on the market will start to drop, as vendors wait for a better time to sell – effectively stabilising prices or returning to an upward swing.  The Melbourne price market drop is very different to Sydney and is driven by structural sell-offs due to government policy changes (e.g. land tax increases and stricter tenant legislation).  For this reason, Debra forecasts there will continue to be downward price pressure on properties not only in Melbourne but Victoria-wide.

5. Next Steps for Buyers

If you’re navigating the property market, here’s what you need:

  1. A great mortgage broker to explore finance options – particularly if you would like to explore the range of State and Federal buyer support schemes.
  2. Professional advice, such as from a buyer’s agent, to maximize your opportunities.
  3. Legal support from a solicitor or conveyancer.

For those needing guidance, The Property Frontline’s Buyer Success Program provides tools, resources, and mentorship to help you make informed decisions.

Looking Ahead

In our next session, we’ll discuss land tax and its importance in property investment. Until then, enjoy the holiday season, and if you have questions or need support, contact us directly.

Happy holidays, and here’s to a prosperous 2025!

Watch te full discussion here.

About the author

Debra Beck-Mewing is the Editor of the Property Portfolio Magazine and CEO of The Property Frontline.  She has more than 20 years’ experience in buying property Australia-wide and has extensive experience in helping buyers use a range of strategies including renovating, granny flats, sub-division and development. Debra is a skilled property strategist, and a master in identifying tailored opportunities, homes and sourcing properties that have multiple uses.  She is a Qualified Property Investment Advisor, licensed real estate agent and also holds a Bachelor of Commerce and Master of Business. As a passionate advocate for increasing transparency in the property and wealth industries, Debra is a popular speaker on these topics.  She is also an author, podcast host, and participates on numerous committees including the Property Owners’ Association.

Follow us on facebook.com/ThePropertyFrontline for regular updates, or book in for a strategy session to discuss your property questions. 

Disclaimer – This information is of a general nature only and does not constitute professional advice.  We strongly recommend you seek your own professional advice in relation to your particular circumstances. 

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