Australia’s property market is heating up. Home values jumped 1.1% in October – the strongest gain since June 2023, pushing annual growth to about 6.1%. Every capital city saw prices rise (Perth led with +1.9%), and even regional markets are hot (Regional WA +1.8%, Qld +1.1%, NSW +1.0%). This increase is due to a lack of inventory. The number of new listings is approximately 18% below the five-year average, which is meaning buyers are competing for fewer properties overall. Sellers have the advantage as evidenced by high auction clearance rates (~70%).
As buyer’s agents, we know these trends mean buyers need a plan. The expanded 5% deposit scheme (launched Oct 1) has brought first-home buyers back in force.The expanded 5% deposit guarantee scheme, which went live on October 1, has clearly increased activity among first-home buyers, especially in the affordable price brackets. At the same time, investors are circling mid-market properties. Home prices in the middle and lower ranges rose the most in October — up by 1.4% and 1.2%. This happened because many investors are now focusing on more affordable properties, hoping for better rental returns and future value growth.
Key points for buyers:
- Act early. With values already climbing (1.1% in Oct) and borrowing power not rising further, waiting can cost you thousands. Tight supply and strong demand (sales ~3% above norm) mean prices are being pushed up.
- Expect competition. The new 5% scheme has drawn many first-home buyers. Be ready to compete for affordable homes – bidding wars can happen fast.
- Target mid- and lower-price segments. These markets are the hottest. If you’re buying entry-level or medium-priced homes, moves sell quickly. In October, lower-priced auctions cleared at ~70%, so a good deal may not last.
- Consider regional opportunities. Growth isn’t just in cities. Regional WA (+1.8%) and other non-capital areas saw solid gains. Often regional properties offer better rental yields, so savvy buyers are looking there.
- Use a buyer’s agent. In tight conditions, professional help is vital. We can spot value, move quickly on listings, and negotiate fiercely. Our job is to get you the best price and terms, even when competition is fierce.
Remember, lower-priced homes are moving fast – don’t delay if you see the right property. With supply so low, prices are on an upward trend and may rise further in the months ahead. If you plan early and make smart choices, you can buy your home before prices go up again.
Not sure where to start? Our friendly Key2Dreamz buyer’s agents across Australia can help you at every step, from finding the right property to getting it at the best price. We make the buying process simple, clear, and stress-free so you can move into your dream home with confidence.
Need help navigating the market? Our Key2Dreamz buyer’s agents across Australia can guide you to the right home at the right price. Ready to take the next step? Call us at +61 439 260 917 or book a free consultation today.