Weekly Property Market Trends – A Snapshot of the Current Australian and Local Real Estate Trends

Weekly Property Market Trends – A Snapshot of the Current Australian and Local Real Estate Trends

Welcome to this week’s edition of Pinnacle Property Weekly! In this newsletter, we’re going to take a look at what’s happening in the Australian property market and right here in Victoria. Whether you’re buying a home, thinking about investing, or just curious about real estate, this snapshot will help you understand the big trends.

Australia-Wide Property Market Trends

Across Australia, property prices are holding steady, with some areas seeing small price increases. According to CoreLogic, national home prices rose by 0.8% in August 2024. Cities like Sydney and Melbourne have seen the biggest gains, but they’re not alone.

In Queensland, cities like Brisbane and regional areas such as Townsville and Cairns are becoming increasingly popular. This is because buyers are looking for homes that are more affordable than those in the major cities. People are also attracted to the great weather, lifestyle, and job opportunities these places offer.

Townsville and Cairns

For example, in Townsville, suburbs like Rasmussen and Gulliver have become hot spots for investment. Rasmussen has seen a 5.2% increase in property values over the past year, while Gulliver has grown by 4.8%. Rental yields in Townsville are currently around 6%, which is very attractive to investors.

Meanwhile, in Cairns, suburbs like White Rock have become popular for those looking for long-term growth. White Rock has experienced a 4.5% increase in property values in the last year. Rental returns in this region are also strong, with average yields of about 5.8%.

Local Property Market Trends in Victoria

Here in Victoria, things are also on the move. The Melbourne property market is seeing a rise in activity as we head into spring, traditionally the busiest time of year for real estate. More properties are coming onto the market, and buyers are keen to snap them up.

In August 2024, Melbourne’s house prices grew by 0.9%, with strong demand for family homes in suburbs like Bentleigh East and Glen Waverley. These areas are popular because of their proximity to good schools, parks, and public transport. If you’re looking to invest, these suburbs are worth keeping an eye on.

The rental market is also very competitive, with fewer homes available for rent. Rents have increased by 3.2% in Melbourne over the past year, with some areas seeing even higher rises due to limited supply.

What Does This Mean for Buyers and Investors?

If you’re a buyer, the steady rise in property prices means it might be a good idea to act sooner rather than later if you find a home you love. Prices are going up, and waiting too long could mean paying more down the line.

For investors, Queensland’s regional areas like Townsville and Cairns offer great opportunities. With rental yields of 5-6%, these areas could provide good returns on investment. In Victoria, suburbs around Melbourne that are close to good amenities are also excellent choices for long-term growth.

How Pinnacle Property Strategies Can Help

Navigating the property market can be tricky, but Pinnacle Property Strategies is here to make it easier. Whether you’re looking to buy a family home or invest in a high-growth area, Greg at Pinnacle can help you find the best property to suit your goals.

We do all the hard work for you—researching the best suburbs, negotiating prices, and handling all the details—so you can save time, money, and stress.

That’s it for this week’s property market snapshot. Stay tuned for more updates and insights next week!