2024 Property Market Wrap-Up: Insights and Trends

Welcome back to another episode of Talk Property to Me! I'm your host, Aaron Downie, and alongside me is my co-host, Brad East. In this episode, we dive into a comprehensive wrap-up of the property market for 2024, discussing the performance of major capital cities and regional centres across Australia over the past year. We kick things off by addressing the financial landscape, noting that the cash rate has remained unchanged at 4.3% since November 2023. This stability has led to a rather uneventful year in terms of interest rates, yet we highlight some remarkable growth in property values, particularly in Perth, which saw an impressive increase of up to 30%. We also discuss the significant drop in inflation and the recent decision by the Reserve Bank of Australia (RBA) to split its board into two separate entities—one focusing on monetary policy and the other on government spending. This change aims to create a more balanced approach to managing inflation without penalizing homeowners. As we delve deeper into the property market, we analyse the annual growth rates across various cities. Sydney experienced modest growth at 3.3%, while Melbourne faced a decline of 2.3%. In contrast, Brisbane thrived with a 12.1% increase, and Adelaide saw a remarkable 14% growth. Perth's performance was particularly noteworthy, with a total growth of 21%. We also touch on the performance of regional areas, highlighting significant growth in places like Townsville and the York Peninsula. Throughout the episode, we emphasize the impact of affordability on property values, noting that more affordable cities and regions have outperformed their pricier counterparts. We also discuss the trend of units performing better than houses due to affordability issues. As we wrap up our analysis, we reflect on the overall market dynamics, noting that while interest rates have remained stable, the property market has shown resilience and growth in various areas. We conclude by teasing our next episode, where we will share our predictions for 2025, and encourage our listeners to engage with us on social media for a chance to win a $250 gift card in our holiday giveaway. Join us as we unpack these insights and more, and don't forget to subscribe to stay updated on our future episodes! Happy New Year, and we look forward to another exciting season ahead! Thank you for tuning in, and we look forward to seeing you in our next episode! 00:00:00 - Introduction and Giveaway Announcement Welcome back to Talk Property to Me, introduction of hosts and details about a $250 gift card giveaway. 00:01:00 - Finance Wrap-Up for 2024 Discussion on the stability of interest rates and inflation trends over the past year. 00:02:43 - Interest Rates and Market Impact Analysis of fixed and variable interest rates, and their implications for homeowners. 00:04:02 - Home Value Indexes Overview Review of annual growth rates in major cities and regional areas across Australia. 00:06:25 - Top Performing Suburbs and Regions Highlighting specific suburbs and regional areas that experienced significant growth. 00:08:02 - Key Takeaways from 2024 Summary of the overall market performance and factors influencing property prices. 00:09:23 - Looking Ahead to 2025 Teaser for the next episode focusing on predictions for the upcoming year. ABOUT THE HOSTS BRAD EAST Brad East is the Managing Director of Wisebuy Home Loans. Brad is an award-winning mortgage broker and has helped thousands of clients gain finance to purchase properties. Wisebuy Home Loans is the go-to mortgage brokerage for clients wanting out-of-the-box applications approved. Website → https://wisebuygroup.com.au  LinkedIn → https://www.linkedin.com/in/newcastlemortgagebroker/  Instagram → https://www.instagram.com/bradeast_mortgagebroker/  Facebook → https://www.facebook.com/bradeastofficial AARON DOWNIE Joining the podcast in 2024, Aaron Downie is a seasoned property investor and director of Mackenzie Buyers Agency. Aaron's deep understanding of the property market and investment strategies provides listeners with invaluable insights. Website: https://www.mackenziepropertygroup.com.au/ Linkedin: https://www.linkedin.com/in/aaron-downie-1b2749134/