Prestige Residential Valuer Insights Q3 2024

Our new Prestige Residential Valuer Insights Report is part of a new series where we poll CBRE’s expert Valuers who specialise in the valuation of high-end residential properties across Australia. For Q3 2024, our Valuers report:

• Demand has been moderate/strong: 5x as many Valuers see ‘strong’ to ‘very strong’ demand compared to ‘soft’ or ‘very limited’ in the luxury market. 51% of Valuers reported ‘moderate’ demand. Demand was strongest in SA and WA followed by QLD and NSW, with softer demand evident in VIC.
• Demand by property type: Valuers see demand as being the strongest for houses valued up to $10 million and houses valued between $10-$20 million. Softer conditions prevail for vacant land.
• Local purchasers/ upgraders: The most active buyer types were reported as local purchasers and upgraders. Down-sizers, overseas purchasers and interstate purchasers also remain active. Developers are less active.
• House values next 12 months: 54% of Valuers expect house value growth in the next year, with 17% of Valuers predicting price growth of over 5%. The highest growth is expected in WA, SA, and NSW.
• Apartment values next 12 months: 41% of Valuers predict an increase in apartment values, 17% expect growth of more than 5%. The highest growth is anticipated in WA and SA.
• Vacant land values next 12 months: 37% of Valuers anticipate an increase in vacant land values with 19% expecting an increase of more than 5%. Most growth is expected in WA, SA, and NSW.
• Future demand: Twice as many Valuers expect demand to increase in the next 12 months than decrease. The strongest demand is expected in NSW and WA.
• Future supply (listings): Most Valuers (63%) expect a slight increase in listings in the next 12 months. 34% of Valuers expect listings to remain stable. None expect a significant increase (i.e., oversupply).