June Quarter 2024

A two-tiered land market is becoming increasingly apparent, with South East Queensland (SEQ) and Adelaide performing well while Victorian buyers remain hesitant.

The Victorian residential land market continues to face challenging conditions while relatively more affordable markets such as SEQ and Adelaide continue to experience growing levels of buyer demand and activity.

Furthermore, the Victorian market continues to be impacted by rising supply (both in established and off-the-plan markets) and changing expectations among buyers.

A slowing economy has also impacted Victorian buyers’ confidence. More broadly, higher interest rates and rising living costs remain key factors inhibiting many buyers’ ability to afford a new home.

Victorian gross prices declined in the quarter due to higher interest rates and cost of living pressures. Incentives and rebates have become increasingly common across metropolitan Melbourne and some Victorian regional markets.

Gross prices in South East Queensland and Adelaide experienced strong growth over the quarter, both reaching new peaks during the June quarter.

Buyer confidence and activity will be partly shaped by their views on potential interest rate movements and the impact of state / federal government cost-of-living stimulus packages.

Despite these challenges, a gradual improvement in market conditions and sentiment is anticipated over the medium term.

Julian Coppini
Chief Executive Officer - Project Marketing

Data Disclaimers

Based on or contains data provided by the State of Queensland (Department of Natural Resources and Mines) 2016. In consideration of the State permitting use of this data you acknowledge and agree that the State gives no warranty in relation to the data (including accuracy, reliability, completeness, currency or suitability) and accepts no liability (including without limitation, liability in negligence) for any loss, damage or costs (including consequential damage) relating to any use of the data. Data must not be used for direct marketing or be used in breach of the privacy laws.

Contains property sales information provided under licence from the Land and Property Information (“LPI”). RP Data Pty Ltd trading as CoreLogic is authorised as a Property Sales Information provider by the LPI.

The State of Victoria owns the copyright in the Property Sales Data and reproduction of that data in any way without the consent of the State of Victoria will constitute a breach of the Copyright Act 1968 (Cth). The State of Victoria does not warrant the accuracy or completeness of the Property Sales Data and any person using or relying upon such information does so on the basis that the State of Victoria accepts no responsibility or liability whatsoever for any errors, faults, defects or omissions in the information supplied.

© Copyright 2016. RP Data Pty Ltd trading as CoreLogic Asia Pacific (CoreLogic) and its licensors are the sole and exclusive owners of all rights, title and interest (including intellectual property rights) subsisting in this publication, including any data, analytics, statistics and other information contained in this publication (Data). All rights reserved.

Whilst CoreLogic uses commercially reasonable efforts to ensure the Data and information in this publication is current, CoreLogic does not warrant the accuracy, currency or completeness of the Data and commentary contained in this publication and to the full extent not prohibited by law excludes all loss or damage howsoever arising (including through negligence) in connection with the Data and commentary contained in this publication.