As a roaring spring begins, where are home prices headed?
It’s a busy weekend for Australian residential property as confidence returns amid steadying interest rates
3 min
Spring is here and so too is one of the busiest auction weekends of the year, with vendors feeling confident and buyers out in force – a trend economists expect to continue.
Research firm CoreLogic reports a whopping 2401 homes are set to go under the hammer across the country on Saturday, up 5.4 percent on last weekend and the third largest volume of 2023 thus far.
“Auction activity across Sydney is set to exceed 1000 for the second time this year, with 1010 homes currently scheduled to go under the hammer this week… up 16.5 percent,” CoreLogic economist Kaytlin Ezzy said.
Strong momentum in property markets continues to defy expectations.
About this time last year, most pundits were predicting steep price falls throughout 2023 on the back of soaring interest rates.
Instead, values rose for the sixth consecutive month in August, up 0.8 per cent nationally and now 4.9 per cent higher since bottoming out in February, data released today shows.
Sydney has led the recovery trend, with a rise of 8.8 per cent since prices found a floor at the start of 2023, while Brisbane has also seen values jump 6.2 percent in that time.
Cameron Kusher, director of economic research at data house PropTrack, said the “better-than-expected price growth” had reversed virtually all the declines seen in the backend of 2022.
“Property prices have increased despite rising interest rates and reduced borrowing capacities,” Mr Kusher said.
“From here, the direction of the housing market will likely be influenced by the volume of housing stock available for sale. Low volumes of new and existing properties persisted In June, but this may soon change.”
PropTrack’s newest Property Market Outlook report has forecast national home prices to be between 2 percent and 5 percent higher by the end of the year.
It is a marked turnaround on a previous prediction of a fall of between 7 percent and 10 percent, Mr Kusher said.
“Forecasts for 2024 are considerably more difficult, given the uncertainty of many factors. At this stage, we are forecasting modest price growth in 2024.
“However, significant changes to the overall economic performance, interest rates or lending conditions, could result in vastly different price growth outcomes.”
He predicts prices nationally could be up to 3 percent higher by the end of 2024, with modest growth across most capitals, including up to 2 percent in Sydney and up to 3 percent in Melbourne.
Domain’s recently released Forecast Report is a tad more optimistic, predicting the housing market will be in a “well-established, steady recovery” by mid-next year.
“House prices in Sydney, Adelaide and Hobart will record the largest gains,” the report predicts.
Forecasts are for house prices in Sydney to end the current financial year up to nine per cent higher, with modest growth in Melbourne of up to two per cent and a rise in Brisbane of up to 4 percent.
“House prices in Sydney, Adelaide, Perth and the combined capitals will be at a new record high [while] Brisbane house prices will be close to a new record high,” the report predicts.
Strong population growth is set to put “greater and more immediate pressure” on housing demand, which sees an additional 300,000 dwellings needed to meet needs.
“Typically, overseas migrants rent on arrival, but, with a tight rental market Australia-wide, we may see some arrivals transition to home ownership sooner as they seek more stable housing alternatives.
“This is occurring at a time the construction industry has experienced unprecedented headwinds – skills shortages, supply chain disruptions, and soaring construction costs.”
While prices are expected to rise, affordability pressures, high interest rates and restrictive serviceability buffers will contain the pace of growth, the report reads.
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Atlas Real Estate is reimagining how people connect with property, combining listings, market insights, local stories and lifestyle content in one destination for those buying, selling or simply exploring the market.
4 min
Property has always been about more than buying and selling. A home can represent a fresh start, a long-term investment, an architectural idea or a connection to a particular neighbourhood. Even when people are not planning a move, many still enjoy following the market, researching local areas and discovering the stories behind remarkable homes.
Atlas Real Estate is responding to that wider interest by creating more ways for people to engage with property. Bringing listings, market information, local perspectives and lifestyle stories together, Atlas offers a destination for anyone curious about homes and the communities surrounding them.
It reflects the reality that people approach real estate with different needs and motivations. One visitor might be actively searching for a new home, while another may want to understand recent results in their suburb. Others might be keeping an eye on changing market conditions, exploring an unfamiliar area or simply appreciating thoughtful architecture and premium residential design.
At atlas.com.au, those interests meet in one place. Visitors can browse properties for sale and recent results, while also exploring market insights, featured homes, local stories and introductions to the people behind Atlas. The result is an experience designed to remain relevant before, during and after a traditional property transaction.
“We’re reimagining real estate around how people actually engage with property today — bringing together market insight, exceptional homes, local perspective and lifestyle in a way that feels more relevant and useful,” says Michael Coombs, Director of Atlas Real Estate.
That approach recognises that an interest in property rarely begins on the day someone decides to buy or sell. A future buyer may spend months learning about suburbs, monitoring prices and refining their sense of what they want. A homeowner might follow nearby sales to understand the changing value and character of their area. An investor may be looking for broader market context, while a design enthusiast may be drawn to an exceptional renovation or a distinctive piece of architecture.
By accommodating those different forms of curiosity, Atlas aims to make engaging with real estate feel less transactional and more connected to everyday life. Property is shaped by its surroundings: the streets, businesses, landscapes and people that give a place its identity. Understanding a home therefore means looking beyond its floor plan or sales history to consider the lifestyle and community that come with it.
This broader perspective also gives local stories a meaningful role. Suburbs are constantly evolving, influenced by new businesses, changing demographics, design trends and the people who choose to make them home. Content that explores these forces can help readers build a richer understanding of an area, whether they are preparing to move there or simply want to stay informed about their own neighbourhood.
The same is true of market information. Sales results and property data are most useful when they are accessible and supported by context. Bringing recent results together with insights and local knowledge can help people follow the market on their own terms, without suggesting that every visit must lead immediately to a transaction.
For Atlas, this thinking forms part of “Real Estate, Reimagined”, its broader brand campaign focused on using brand, creativity and technology to deliver a more relevant, useful and human real estate experience. Rather than treating technology as an end in itself, the emphasis is on how it can make property easier and more engaging to explore.
That human focus matters because real estate decisions are often closely tied to significant moments in people’s lives. A move may be connected to a growing family, a new job, a change in lifestyle or a long-held ambition. Even outside those milestones, homes and neighbourhoods remain a source of interest because they reflect how people live and how communities develop.
Atlas’s approach makes room for both the practical and aspirational sides of that interest. Readers can seek out information with a clear goal in mind or browse simply because a property, place or story captures their attention. In either case, they can move easily between homes, results, market perspectives and local inspiration.
The ambition is not to redefine why people care about property, but to reflect the many reasons they already do. By combining useful information with engaging editorial content, Atlas is creating a place for buyers, sellers, homeowners, investors and the property-curious alike.
Whatever brings you to property, discover more at atlas.com.au
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