Domain Housing Market Forecast for 2023-2024
Australia’s housing market will be in a well-established, steady recovery over the 2023-24 financial year. That’s the headline from Domain’s Housing Market Forecast for 2023-2024 released earlier today.
House prices in Sydney, Adelaide, and Perth, and unit prices in Brisbane, Adelaide and Hobart, could have fully recovered from the 2022 downturn by the end of the next financial year.
House prices in Sydney, Adelaide and Hobart will record the largest gains.
House prices in Sydney, Adelaide, Perth and the combined capitals will be at a new record high.
Unit prices are predicted to have more modest growth than houses. Although, unit prices generally saw a shallower downturn and therefore have held up overall.
Unit prices in Brisbane, Adelaide and Hobart could be at a new record high.
Unit prices in Sydney and the combined capitals will be close to a new record high.
TABLE 1. HOUSE AND UNIT PRICE FORECAST TO THE END OF FY24.
| Location | Houses | Units |
| Sydney | 6-9% | 2-5% |
| Melbourne | 0-2% | -2-1% |
| Brisbane | 1-4% | 0-1% |
| Perth | 1-3% | 1-3% |
| Adelaide | 2-5% | 0-2% |
| Hobart | 3-5% | 1-3% |
| Canberra | 2-4% | -1-2% |
| Combined capitals | 2-4% | 1-3% |
| Combined regionals | 1-3% | 0-2% |
| Regional NSW | -1-1% | 1-3% |
| Regional VIC | 1-4% | 1-3% |
| Regional QLD | 3-4% | 0-1% |
| Gold Coast | 2-4% | 1-2% |
| Sunshine Coast | 1-2% | 1-3% |
| * Forecasts are the predicted percentage change in house and unit prices by the end of FY24. Note this forecast spans 13 months (from the beginning of June 2023 to the end of June 2024). | ||
Source: domain
