Forget the doom and gloom predictions of property value drops, Australia’s property market has soared to a record $11.032 trillion in 2024, according to the latest data from the Australian Bureau of Statistics (ABS).

The total value of residential dwellings across the country rose by 0.2% in the final quarter of 2024, demonstrating stability and ongoing growth.

ABS head of finance statistics, Dr. Mish Tan, notes that while growth for the December quarter was relatively flat, the overall increase highlights the resilience of the market.

The average price of residential dwellings in Australia stood at $976,800 at the end of 2024, reinforcing the strong foundation for future growth.

Kevin Brogan from Herron Todd White predicts further growth in the property market, citing lead indicators pointing to a market revival.

“Auction numbers are steadily increasing, and clearance rates are firming in most capital cities,” Brogan says. “This market rebound, combined with decreasing interest rates, is expected to boost confidence across residential property markets.

Some buyers are already committing early to secure properties before prices rise further, driven by these interest rate cuts and possibly more to come.”

For residential property investors, these signs point to a promising outlook, with renewed market activity and the potential for capital gains as the year progresses.