20/09/2024
These five key figures are your guide to understanding what’s driving the current Australian property market and what this might mean for you. 📈🏠
1. In April 2024, we saw new housing loans rise 4.8% to $29.4 billion, following a 3.8% rise in March.
2. Demand for new tradespeople is high, with an additional 90,000 tradies currently needed to meet the target of building 1.2 million new homes by 2029.
3. New building approvals dropped by 0.3% month-on-month in April 2024 but grew by 3.5% compared to last year.
4. The number of residential dwellings rose by 52,700, totalling 11,176,100 in Q3 FY24.
5. The total value of residential dwellings in Australia surged by $209.4 billion in Q3 FY24 , reaching $10.7 trillion.
Positive figures around the increase in property values, the rising number of residential dwellings and the surge in new housing loans show that the Australian property market is continuing to grow, although a decline in new building approvals and the demand for more tradespeople is hampering this growth.