Australia's real estate market will slow to 2-3% growth in 2024, except Perth and Brisbane which could hit 5-8%. Undersupply and population growth are creating mounting pressure that will intensify throughout the year.
Here's what I think is going to be happening in 2024. I think that growth rates in Australia overall are going to be a little bit more subdued this year than what they were last year. I think that in some areas like Perth and like Brisbane, we may see that kind of 5% to 8% type of growth rate where some of the other areas it may be just a 2% to 3% growth rate. However, what I think is going to be happening is that we're All is just— there's a groundswell building up underneath that. I think that's the pressure behind the market is just going to keep building. I think it's going to keep building. I think it's going to keep building because of the fact that there's huge undersupply that's already existing, strong population growth which is already going to be continuing.
