Where to enjoy a happy new year in 2024: Australia's top property suburbs

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Where to enjoy a happy new year in 2024: Australia's top property suburbs

December 15, 2023

Are you one of the many people keen to achieve the Great Aussie Dream of buying a home in 2024 - but don't know where to start?

Never fear, Listing Loop has done the hard yards for you, finding you the nation's top suburbs in which to buy in 2024.

Let's take a look.

New Year property market outlook

Generally speaking, it appears the worst of the extensive cash rate rises are now over - although don't be surprised if we see more increases in 2024 and don't expect interest rates to drop anytime soon.

Also, generally speaking, the property market is starting to normalise following the extraordinary price spikes of the COVID era and across 2022-2023.

But CoreLogic's Best of the Best 2023 report, released just this week, noted the Aussie property market was put to the test in 2023.

"The pressure of climbing interest rates, stretched affordability, and the 'fixed-rate cliff' stress tested the housing market through 2023; however, resilience largely prevailed," the report stated.

"This year was also marked by staggering levels of net overseas migration, largely influenced by the disruption that COVID-related border closures had on migration patterns."

At the same time, CoreLogic head of research, Eliza Owen, said recent deterioration in a range of market metrics is pointing towards a more subdued residential housing market in 2024, especially for capital growth.

"We've seen the pace of capital growth ease gradually from June and most notably through November," she said.

In CoreLogic's latest Home Value Index (HVI) report this month, Sydney's home value growth slowed sharply with prices only rising 0.3% in November - the smallest monthly gain through the recovery cycle to date.

Similarly, Melbourne's monthly house price values dropped to below zero (-0.1%).

On the flip side, Perth housing values accelerated in November, posting the largest monthly gain since March 2021 at 1.9%. Brisbane (1.3%) and Adelaide (1.2%) also stand out with a resilient and rapid pace of growth.

CoreLogic research director, Tim Lawless, said these three cities continue to show remarkably low levels of advertised supply while purchasing activity is holding above-average levels.

Saying this, make no mistake - the majority of our capital cities have all recorded high-value growth levels across 2023 with Sydney achieving a 10.2% increase - the highest in the country.

Only Hobart, Darwin and Canberra recorded value declines (-3%, -1.5% and -0.3% respectively).