Australian Residential Valuer Insights Q1 2024

We poll CBRE’s residential valuers to drill into current market demand, buyer types, supply (listings) and future value expectation. For Q1 2024, our valuers report:

• Demand is strong:  6x as many valuers see “strong to very strong” demand compared to “soft or very limited”. Demand to purchase is particularly strong in Perth, Adelaide, and Brisbane metro. In contrast, softer demand is evident in ACT, outer Melbourne and Melbourne metro.  
• Demand by property type: Valuers see demand as being the strongest for houses and recently renovated properties.  Softer conditions prevail for unrenovated properties and vacant land.
• First home buyers/Upgraders: 2/3rd of valuers reported that demand is strongest from first home buyers and upgraders. Local and inter-state investors are also active, alongside down-sizers.
• Future demand: 57% expect demand to grow in the next 12 months vs 5% decrease and 38% remain the same.
• House values next 12 months: 78% of valuers expect home value growth over next 12 months, with the highest conviction across Perth, Sydney metro and Adelaide.
• Apartment values next 12 months: 44% expect apartment value growth over the next 12 months, with highest conviction in Brisbane metro, Gold Coast/Sunshine Coast and Sydney metro. Nationally, 4x as many valuers expect price growth vs price fall.
• Vacant land values next 12 months: 51% of valuers expect vacant land values to increase with most growth expected in Adelaide, Sydney metro, and Perth.
• Future supply (listings): There is scope for increased supply (listings) within the next 12 months, with 58% expecting increase, 6% decrease and 36% “remain the same”.