A quick update on property market trends across Australia's capital cities as of August 2024.
After a strong run of growth, several major Australian capital cities are beginning to show signs of cooling. Melbourne and Hobart have seen the most notable softening, while Sydney has experienced a modest slowdown after months of strong gains.
What's Driving the Cooling?
High interest rates remain the primary constraint on buyer activity. With the RBA cash rate sitting at 4.35%, borrowing capacity has been reduced and some buyers are sitting on the sidelines waiting for rate relief.
Increased listings in some markets have also given buyers more choice and more negotiating power than they've had in recent years.
What to Watch
Any RBA rate reduction would likely reignite buyer demand quickly. Markets like Brisbane, Adelaide and Perth have shown greater resilience and continue to perform strongly relative to the southern capitals.
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