2024 Housing Market Trends in Sydney and Melbourne

The property markets in Sydney and Melbourne remain Australia’s most dynamic, even amidst economic fluctuations. In 2024, both cities are witnessing an uptick in interest toward outer suburbs and regional satellites. This shift is driven by increasing housing affordability pressures in inner-city areas and a continued desire for larger homes post-pandemic. Sydney’s western suburbs such as Penrith and Blacktown have experienced strong demand, while Melbourne’s outer growth corridors like Werribee and Craigieburn continue to attract first-home buyers. Experts also note a rise in investor confidence, thanks to low rental vacancy rates and strong yields. However, affordability and interest rate fluctuations remain significant concerns. Understanding local demand and aligning with long-term urban infrastructure plans is crucial for buyers and investors navigating these markets.