Australia’s housing market has bounced back strongly from the downturn in 2022. Most capital city housing markets have recovered, with median house price growth in 2023 in Adelaide at 12.7%, Perth at 11.9% and Sydney at 10.6%. Factors such as short housing supply and population increases continued to drive demand, resulting in combined capital city housing prices at all-time highs by 2023. Home values are expected to rise another 2.7% across the major cities for the rest of 2024.

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