Australia has secured a position among the top four nations globally for house price growth over the past five years, according to new data from the International Monetary Fund.
Data from the IMF revealed that after adjusting for inflation, Australian house prices have seen an increase of over 10% since 2019. This places Australia behind only the US, the United Arab Emirates, and Japan in terms of real house price growth.
The Australian Financial Review’s latest quarterly property survey anticipated further price increases. A panel of 10 experts forecasts a national growth rate of 5% for the coming year, with Perth expected to lead with a significant 16% increase in 2024, Hotspotting reported.
The survey highlighted a strong demand in more affordable cities, with predictions for Brisbane and Adelaide to see a rise of about 10% this year. In contrast, Sydney and Melbourne are expected to experience more moderate growth rates of 4.5% to 9% and up to 4%, respectively.
Ben Burston (pictured above), chief economist at Knight Frank, commented on the regional disparities in growth.
“Despite recent growth, prices in Perth and Adelaide remain well below those of other capital cities and still have further upside in the near term,” Burston said.
Brokers, weigh in on Australia’s top-four ranking in global house price growth. How does this impact your strategy? Share your insights and predictions.
