Australia Residential Real Estate Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 2.70% (2024-2032)
Australia residential real estate market has been through changes largely due to economic factors, demographic changes, and changing buyer preferences. According to the latest report by IMARC Group, the market size reached USD 6.08 Trillion in 2023. Looking forward, IMARC Group expects the market to reach USD 7.96 Trillion by 2032, exhibiting a growth rate (CAGR) of 2.70% during 2024-2032.
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Australia Residential Real Estate Industry Trends and Drivers:
In recent times the Australia residential real estate market has been through changes largely due to economic factors, demographic changes, and changing buyer preferences. Another significant trend is the increasing demand for properties in the regional areas as many people’s remote work arrangements become more long-term. This shift has resulted in an increase in house prices both within and outside the major cities as a result of people looking for more space, more outdoor space and generally a better work-life balance. Coastal towns and rural hubs have especially been boosted by this trend since they provide a more relaxed lifestyle while still being close enough to cities. Furthermore, the market has seen an increase in the interest in sustainable and energy-efficient homes which is in line with the overall societal change towards environmental consciousness. To this end, solar panels, energy-efficient appliances, and eco-friendly building materials are also something that developers and homeowners are now investing in to meet this demand. However, factors such as rising construction costs and supply chain disruptions have slowed down the rate of new developments, which has in turn increased the housing shortage in some areas.
The urban real estate market in Sydney, Melbourne, and Brisbane has stayed strong. This is impressive, especially with the current economic uncertainties. Inner-city apartment markets faced challenges due to low international migration and student demand. They are starting to recover now. Borders are reopening, and population growth is rising. First-home buyers and investors are active in these markets. This is because of government incentives and low interest rates. Affordability remains a concern, especially for young people. Property prices in sought-after urban areas keep rising. The rental market is heating up. Vacancy rates have hit historic lows in many cities. This has led to more competition and higher rents. Policymakers must now find ways to boost housing supply and cut costs. They are looking at options like rezoning and offering incentives for build-to-rent projects. The Australia residential real estate market is lively. City centers and rural areas offer different chances and challenges for buyers, sellers, and investors.
Australia Residential Real Estate Industry Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest Australia residential real estate market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.
The report has segmented the market into the following categories:
Type Insights:
- Condominiums and Apartments
- Villas and Landed Houses
Regional Insights:
- Australia Capital Territory & New South Wales
- Victoria & Tasmania
- Queensland
- Northern Territory & Southern Australia
- Western Australia
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current, and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape, and benchmarking analyses, pricing and cost research, and procurement research.
Contact Us:
IMARC Group
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City/Town: Warwick
State/Province/Region: Queensland
Country: Australia
Zip/Postal Code: 4370
Email: sales@imarcgroup.com
Phone Number: +1-631-791-11455
