There was a huge increase in Australian house prices that kicked off during the pandemic, when prices surged over 20% to 30% year over year in some areas. After a decline in 2022, some parts of the market have recaptured those Covid-era gains during 2023. Across Australia, ABS data shows that in 2020 the average house cost $678,500 and in 2023 it’s now $925,400.
That means that within a three-year span, the mean property price jumped more than 36%. While that’s an unusually large and anomalous increase, property prices in Australia are broadly trending upwards. In the 30-year span from 1992 to 2022, housing prices increased 382%, rising by 5.4% annually on average. In that context, current price rise forecasts put the property market back on a more even keel.
Source :https://www.forbes.com/advisor/au/property/australian-property-market-forecast-2024/