Understanding the Latest Trends in Australian Home Prices: Insights from the June 2024 PropTrack Home Price Index

Jul 8

2 min read

As we navigate through 2024, the Australian real estate market continues to show resilience and growth. According to the latest PropTrack Home Price Index, June 2024 marks the 18th consecutive month of national home price increases, hitting a fresh peak. Despite the slower pace of growth, several key factors are driving the market dynamics. Let's dive into what this means for you as a residential landlord.

Key Highlights:

National Growth: Home prices rose by 0.18% in June, reaching a new peak, with an impressive 10.14% increase since December 2022.
Capital Cities vs. Regional Areas: While price growth slowed in combined capital cities, it still marked a 6.91% year-on-year increase. Notably, Perth, Adelaide, and Brisbane have been the standout performers with significant annual growth.
Market Drivers: Strong population growth, tight rental markets, and stable interest rates are bolstering demand. However, the ongoing challenges in building activity and a chronic shortage of new constructions are exacerbating the housing shortage.
Future Projections: With tax cuts expected to lift household incomes from July, borrowing capacities and buyer budgets will likely increase, supporting continued price growth. However, the winter period might see a slower pace due to seasonal factors and interest rate uncertainties.

What This Means for Landlords:

Maximising Rental Income: With demand outpacing supply, now is a prime time to ensure your rental property is competitively priced and well-maintained to attract high-quality tenants.
Navigating Property Management: Given the market's complexities, having a reliable property manager can make all the difference in capitalizing on current trends while avoiding potential pitfalls.
Future Planning: Stay informed about market trends and policy changes that could impact your property investments. Our comprehensive analysis and advisory services at PropInsight can help you make data-driven decisions to maximize your investment returns.

At PropInsight, we’re committed to providing you with the insights and support needed to navigate the ever-changing property market. Whether you're a first-time landlord or an experienced investor, our expert advice can help you achieve your property goals with confidence.

Want to learn more? Download our free eBook for in-depth tips and strategies on managing your property effectively!