It is noteworthy that despite slight declines observed in some areas in December last year, these declines have been offset in January.

The data indicates that property prices in remote areas experienced slight increases in January, with the remote areas of South Australia and Western Australia seeing the most significant increases, rising by 0.24% and 0.25%, respectively. Angus Moore, Senior Economist at PropTrack, believes that although some people are concerned about potential fluctuations in Australian property prices this year, multiple indicators suggest that prices are likely to steadily increase.

Currently, while the official cash rate remains relatively high at 4.35%, the inflation rate has significantly decreased. The Australian government has started to restrict immigration numbers, but strong immigration demand over the next decade is expected to exacerbate housing supply shortages, thereby driving up property prices.

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Rich Harvey, CEO of Propertybuyer, predicts significant increases in property prices across many parts of Australia over the next 10 years, particularly in affluent and upscale areas where the possibility of doubling property prices is high. He points out that achieving a doubling of property prices in Sydney requires considering the unique circumstances of affluent and upscale areas in addition to overall economic conditions and interest rates.

Apart from Sydney, the property market in Melbourne is also promising, with major banks predicting a $64,000 increase in Melbourne property prices by 2024, potentially making it one of the highest-yielding cities in Australia. According to reports from RealEstate, Melbourne is expected to become one of the best-performing cities in Australia by 2025.

Peter Munckton, Chief Economist at Queensland Bank, believes that Melbourne has lagged behind other capital cities over the past year, but this also implies better growth potential for Melbourne in the future. Forecasts indicate that the median price of a typical home in Melbourne is expected to appreciate by $64,120 in 2024, with an increase of about 7%.

Currently, the median property price in Melbourne is far lower than in Sydney, but the rapid rise in prices in Adelaide and Brisbane last year will likely drive Melbourne's prices upward. Of course, property trends are also influenced by factors such as population growth and the official cash rate, and if the Reserve Bank of Australia cuts interest rates, Melbourne's property prices are expected to rise further. Investors need to carefully analyze market conditions and make wise investment decisions.