2024 Property Market Outlook: Why It’s Time to Buy

Property and Market Trends for 2024

In 2024, the Australian property market is expected to continue its upward trend. Major banks, including the Commonwealth Bank, Westpac, ANZ and NAB, forecast national price growth of 5% to 6%.

Bank	Forecast
Commonwealth Bank	5%
Westpac	6%
ANZ	6%
NAB	5.4%

This growth is driven by factors such as population increases, limited housing supply and strong investor activity.

• Population growth is outpacing new housing construction, leading to record-low vacancy rates.
• Rental competition is fierce, pushing prices higher.
• Foreign investment is rebounding, with NAB data showing sales to overseas buyers hitting a 5.5-year high of 10.1% in late 2023.

These combined factors create a competitive environment, but also one full of opportunity for informed buyers and investors.

For First-Time Buyers

Buying your first home can feel overwhelming, but 2024 still presents opportunities — especially with the right preparation and support.

Key steps for first-time buyers

• Understand your mortgage options: Fixed-rate loans offer consistent repayments and peace of mind, while variable-rate loans may start cheaper but fluctuate with the market.
• Assess affordability early: Calculate your full ownership costs, including mortgage payments, property taxes, insurance and maintenance, to avoid overextending.
• Do your due diligence: Research the local market, get pre-approval and book a professional building inspection before you commit.

Working with a finance broker can make these steps easier by helping you compare lenders and choose a loan structure that suits your budget and long-term goals.

For Investors

Property remains one of Australia’s most popular investment choices in 2024. Strong demand and limited supply continue to fuel both capital growth and rental income opportunities.

Tips for investors

• Choose the right property type: Residential properties (homes or apartments) provide stability and long-term growth, while commercial properties can offer higher returns but come with greater risks.
• Focus on location: Growth varies across cities and suburbs. Research local demand and consult real estate experts to identify high-potential areas.
• Plan your financing carefully: Borrowing can amplify returns but also increases exposure to rising rates. Review loan terms and repayment options to manage your risk.

By staying informed and taking a strategic approach, investors can position themselves to make the most of the 2024 property market’s growth cycle.

Role and Benefits of Finance Brokers

In a fast-moving property market, finance brokers are invaluable allies. They simplify the buying process, provide market insights and help buyers secure the best loan options available.

How finance brokers add value

• Market insights: They analyse current trends and identify opportunities based on your goals.
• Loan selection: Brokers compare products from multiple lenders to find one that fits your needs and risk profile.
• Loan structuring for flexibility: They design your loan to support future plans, such as using equity for renovations or investments.
• Negotiation: Brokers negotiate directly with lenders to secure lower rates, better terms and fewer fees.
• Ongoing support: From pre-approval to settlement, brokers guide you through every stage and help you adjust if your circumstances change.

Partnering with a broker saves time, reduces stress and often results in better long-term outcomes than going directly to a bank.

Preparing Financially for a Property Purchase

Strong financial preparation sets successful buyers apart.

Practical steps to get ready

1. Review your finances: Assess income, expenses and debts to determine what you can comfortably afford.
2. Create a budget and savings plan: Plan for a deposit, settlement costs and ongoing expenses like insurance and maintenance.
3. Compare loan options: Get quotes from multiple lenders and understand the pros and cons of fixed vs variable rates.
4. Plan for risks: Markets can shift. Protect yourself with a buffer fund and consider insurance or portfolio diversification.

Taking these steps helps you buy confidently and sustainably, without financial strain later.

Taking Action

The 2024 Australian property market offers strong potential for buyers and investors alike. Prices are rising, demand is solid, and opportunities are still within reach for those who prepare strategically.

Whether you’re entering the market for the first time or expanding your portfolio, expert advice can make all the difference.

Get in touch with our Finance & Lending team to discuss your property goals and take your first step toward ownership or investment success in 2024.