Australian Residential Valuer Insights Q3 2024

In the third release of our Residential Valuer Insight series, CBRE’s Residential Valuers outline current market demand, buyer types, supply (listings) and future value expectations. The report shows how sentiment has changed throughout the first three quarters of this year, and reveals emerging trends in the Australian Residential Property Market. For Q3 2024, our Valuers report:

• Demand has moderated slightly: Half of CBRE Valuers reported demand has been ‘moderate’ in their local markets, with 42% reporting ‘strong’ to ‘very strong’ demand. Demand to purchase is strongest in Perth, Adelaide, and Brisbane Metro, while softer demand is evident in Melbourne and Canberra.
• Demand by property type: Continuing the trend from Q1 and Q2, 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/Local investors: The most active buyer types were reported as first home buyers and local investors. Upgraders and down–sizers are also active, while developers and inter-state migrants are less active.
• House values next 12 months: 59% of Valuers expect house value growth in the next year. The highest growth is expected in Perth and Adelaide. 42% of Sydney Metro Valuers expect up to 5% growth.
• Apartment values next 12 months: 44% of Valuers expect an increase in apartment values, with the highest conviction being for Perth, Brisbane, and the Gold and Sunshine Coasts. Nationally, 3x as many Valuers expect value growth vs price fall.
• Vacant land values next 12 months: 47% of Valuers expect an increase in vacant land values with the most growth expected in Perth, Brisbane Outer Metro, and the Gold and Sunshine Coasts.
• Future demand: Demand expectations are similar to Q2, with more Valuers expecting demand to increase in the next 12 months than decrease. The strongest demand is expected in Sydney Metro and Brisbane Outer Metro.
• Future supply (listings): In the Q3 survey, more Valuers expect an increase in listings in the next 12 months compared to the Q2 survey. 54% of Valuers expect an increase, compared to 40% remain stable and 6% decrease. Sydney is where most supply is anticipated.