Statistics show that by the end of 2023, the total value of 11.1 million residential properties in Australia has increased by nearly AUD 200 billion, with increases seen in the total residential values across all states and territories, with the national average house price reaching AUD 933,800.

However, such price increases have led to widening wealth disparities among groups of homebuyers. Some who purchased properties during the pandemic have accumulated substantial wealth due to skyrocketing prices, enabling them to upgrade earlier or have more flexibility. However, for new buyers yet to enter the market, they face increasingly daunting challenges as property price growth outpaces the rise in wage levels.

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According to PropTrack data, housing affordability has now reached its lowest level in thirty years, with property prices skyrocketing far beyond wage growth. This poses significant challenges for new homebuyers. Despite a surge in new listings on the current market, property prices continue to rise, exacerbating pressure on homebuyers.

It is expected that interest rates will begin to decline later this year, potentially stimulating more demand for housing. At the latest REA Group Ready24 conference, industry experts widely believed that buyer demand will remain active. Over 1,200 real estate professionals gathered to share their views on the current market environment and future challenges.

Although the market trend remains positive, sellers are also beginning to feel a certain level of nervousness as more competitors emerge in the market. In a fiercely competitive market, sellers need to remain vigilant and adopt appropriate strategies to cope with competition. While every seller hopes to sell their property at a higher price, changes in the market environment may affect price stability."