According to data, as of February 2024, residential prices nationwide in Australia have increased by 6.2% year-on-year. During this period, capital city property prices saw a higher growth rate of 7.1%, while remote areas also saw growth of 3.9%.

Across Australia, property prices have not only been rising but have also reached new highs. Particularly in areas like Queensland, South Australia, and Western Australia, where prices have reached historic highs after experiencing double-digit annual growth rates.

Looking at the most remote areas with the highest property price increases nationwide, the strong performance of these markets is evident. Almost all of the areas with the highest increases are located within the SA4 remote areas of these three states. SA4 remote areas refer to areas with populations between 100,000 and 500,000, where market performance is particularly outstanding.

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In the past year, property prices in Mandurah and the South West region of Perth have risen by 21%, marking the highest increase among all remote areas. Additionally, detached house prices in Perth's South East and North West regions have increased by 18% and 17%, respectively.

In terms of units, Queensland has performed particularly well, with seven regions entering the top 10 for remote area growth. With increasing housing demand, prices in these areas have been steadily rising, especially favored by young people and families.

In Sydney, the median rent has increased by at least AU$150 per week over the past year. Of particular note is that the median rent in 280 Sydney suburbs has increased by at least AU$80 to AU$150 per week.

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The rise in rents also directly reflects the supply-demand imbalance, especially in inner-city areas, near universities, and in areas convenient for commuting to the CBD. Vacancy rates in these areas are very low, properties are rented out very quickly, and competition is fierce.

Apart from Sydney, areas like Melbourne have also shown signs of rising property prices, such as Carlton North, Abbotsford, Clifton Hill, as well as Sorrento and Portsea on the Mornington Peninsula. Prices in these areas have increased by at least 2.8%, surpassing the decline in the same period for the city.

In the future, cities like Sydney, Perth, and Adelaide are expected to be among the cities where the real estate market performs well, with over two-fifths of real estate appraisers expecting prices in these cities to rise by up to 10%. Market pressures in the rental market and housing affordability have driven price increases, with buyer demand expected to increase in the next 12 months, with the greatest growth expected in the Australian Capital Territory, Melbourne, and Sydney.

These signs indicate that the Australian real estate market is undergoing some changes, with increasing demand not only in the high-end market but also in entry-level properties, signaling the possibility of a new growth cycle in the market.