Market Update | February 2024 Edition

2024 commenced in the manner that many economists predicted it would, offering a sense of relief to mortgage holders across the state.

At their first meeting of the year, the RBA announced they would hold interest rates steady in response to decelerating inflation. This stability is expected to continue fostering confidence among buyers and sellers, as observed in late 2023.

In January, CoreLogic data shows that national house prices rose 0.4%. In contrast, Melbourne displayed a 0.1% decline, a figure viewed as negligible.

Herald Sun’s Nathan Mawby reports Bank of Queensland’s chief economist, Peter Munckton, foresees a significant surge in Melbourne house prices, making it a top earner in Australia in 2024. Munckton attributes this to Melbourne’s modest 2023 performance, positioning the city for strong growth. He is also confident Melbourne will be the top performer in 2025, projecting a 9% increase, surpassing all other capitals.

In the rental market, Melbourne reported a vacancy rate of 0.9%, the first decline since September 2023. This was driven by two factors: rental stock being at an all-time low and a surge in activity during the changeover period when the highest number of leases expire.

Domains’ latest Vacancy Report shows that despite January recording a monthly increase in average views per listing, also expected in a changeover period, the annual perspective reveals a drop in the average views, particularly over the last six months, indicating a gradual slowing in demand.

Given the annual rise in rents for both houses (10%) and units/apartments (16.3%), individuals with existing tenancies may be opting to prolong their stay in their current accommodation indefinitely, a choice potentially driven by the prospect of facing a competitive rental market where prevailing rents may exceed their current payment rates. It may also indicate that some renters are looking to take the step to home ownership and have been waiting for a stabilisation in interest rates before proceeding.

If you’re thinking of buying or selling in the year ahead, call your local Noel Jones office or contact us via and we will be happy to help you achieve your goals.


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