Despite the current challenging conditions in Australia, some economists believe that there may be a turnaround in the coming months, with expectations for a rebound in home approvals.

Meanwhile, house prices across various regions in Australia are once again experiencing strong growth, with prices in some areas rising by more than 20% compared to the same period last year. This rapid growth has raised concerns about a real estate market bubble, particularly in some hotspots cities and regions.

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At the same time, rental vacancy rates have also dropped to historic lows, but there has been a slight decrease in rental demand in recent times, which could be an early signal of potential increases in vacancy rates in the future.

As housing affordability continues to deteriorate, some smaller states in Australia are experiencing a sharp increase in demand, attracting buyers from other states and overseas. This migration trend could have a significant impact on local real estate markets, further driving up house prices.

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Some experts also point out that with stable interest rates, ongoing population growth, and a shortage of new housing supply, house prices nationwide are likely to continue rising.

In addition to changes in the new home construction market, there are other factors shaping Australia's real estate market. For example, some buyers may anticipate a rate cut by the Reserve Bank of Australia in 2024, which could stimulate demand for purchasing older properties. The slowdown in construction costs also makes renovating older properties a viable value-added option.