Stock levels across most of the country remain low and it continues to be one of the major factors driving price growth among property.
According to REA Group’s Senior Economist Elenor Creagh, stock on market is tight in Perth, Adelaide and Brisbane, where total listing volumes continue to sit well below decade averages.
Because of this, Ms Creagh said the smaller capital cities, who’ve been the best-performing markets this year, will continue to see the strongest price growth going into 2024.
Meanwhile in Sydney and Melbourne, where total listing volumes are now back above decade averages, price growth is set to be more subdued.
Sydney prices are forecast to rise between 2% and 5% in 2024, down from close to 8% in the 2023 calendar year.
It’s possible that some regions could see prices dip slightly – values are still falling in Hobart and Canberra, a trend that may continue into 2024.
