State of the Nation | November 2023

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"We’re seeing some of the largest auction levels in Sydney and Melbourne since April 2022 and with the volume of supply in the pipeline we expect that auction numbers will remain high right through to Christmas on the eastern seaboard, while low supply levels, are fueling price increases in Perth, Adelaide and Brisbane.

International buyers are taking advantage of their purchasing power which has been strengthened by weak Australian dollar.  They will continue to enter the market, particularly with ex-pats returning to Australia for the summer as well as the start of a new school year. 

At the same time, rental properties are transitioning from investors to first home buyers with support from the bank of mum and dad gaining momentum. This increased supply of investment properties coming onto the market is what many first home buyers are looking for in a two bedroom, one bathroom, one car home. 

While property prices continue to rise, data from CoreLogic highlights that national home values rose 2.3 per cent in the three months to October, slightly lower than the recent high of 3.1 per cent in the June quarter."

GEOFF LUCAS

MANAGING DIRECTOR AND GROUP CEO, THE AGENCY.