Q4 2024 Market Insights
Queensland leads as new homes outperform amid housing supply pressures and resilient Australian households.
New homes continue to outperform older properties, with Queensland leading the nation.
Brisbane’s housing supply is under severe pressure, with the lowest per-capita supply of approved but not yet commenced dwellings in the country.
The latest ABS data, released last Thursday, shows that the total Net Overseas Migration (NOM) for 2023/24 reached 445,638, totalling 1,184,746 over the last three financial years (FY22-24).
Despite cost-of-living pressures, Australian households remain financially resilient. CBA customers are contributing more into their mortgage in 2024 than they have since 2020. The RBA reports that only 0.01% of loans in Australia are in arrears AND negative equity.
Construction cost increases are forecast to continue to drive the replacement value of existing real estate assets.
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