Home Prices & Population Growth
The Australian housing market showed a stronger than anticipated price growth in 2023 according to Proptrack's Market Outlook. As of November 2023, home prices have increased 5.5% year to date and buyer activity also grew. Properties available for sale have remained low during the year which created competition from buyers and demand for housing has rapidly increased due to population growth. Our population grew by 563,205 persons, which is close to the population of Tasmania! Proptrack's Market Outlook states it is likely that 2024 will lead to further price growth and persistent demand for housing. Regional home prices have increased every month of 2023 and regional vacancy rates have remained below the levels seen in capital cities.
