10 February, 2025

Navigating the Australian Property Market in 2024: Is Now the Time to Sell?

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The past few years have been a tumultuous journey for the Australian property market. During the pandemic boom, home prices surged by +28.6%, but rising interest rates triggered a downturn in 2022. A remarkable recovery began in 2023, and by 2024, home values have reached new record highs.

Interest rates remain elevated, yet we continue to see monthly growth on a national scale. This presents a lot for anyone considering listing their home to think about.

Is now the right time to take advantage of the current conditions, which still lean toward a seller’s market? Or would it be wiser to wait and see how the situation unfolds over the next few months?

Deciding whether to sell goes beyond just market conditions—it also depends on your personal circumstances. For some, the need to upsize to a larger property is urgent, while others may see waiting as a chance to maximize capital before retirement.

Let’s take a closer look at the current state of the real estate market, weigh the pros and cons of selling now versus waiting, and hear what economists predict for 2024 and beyond.

Current Market Overview

Data from CoreLogic shows that Australia’s property downturn reversed in early 2023. By October 2024, the national median home price reached an all-time high.

CoreLogic Australian Home Value Index – October 2024

MarketMonthQuarterAnnualMedian Value
Sydney-0.1%0.1%3.7%$1,193,240
Melbourne-0.2%-0.8%-1.9%$778,926
Brisbane0.7%2.4%13.0%$883,357
Australia0.3%0.9%6.0%$809,849

After leading the recovery, Sydney and Melbourne have cooled off, with both cities showing limited movement in recent months.

On an annual basis, houses have outperformed units, but in 2024, that trend is shifting. As buyers look for more affordable options, units and cheaper houses are now leading the market, particularly with the ongoing population growth and sustained high interest rates.

Considering Selling?

In today’s market, selecting the right agent is more important than ever.


Established in 1997, Town & Country Real Estate Merrylands embodies a dynamic approach in the real estate sector, consistently setting the benchmark for client service excellence. Our core commitment is centerer around facilitating practical solutions for wealth growth and secure investments. We prioritize cultivating long-term relationships with a select clientele, offering unparalleled expertise and personalized service. Our goal is to redefine real estate service standards, ensuring each client receives a uniquely tailored experience. With a proven track record spanning over three decades, we boast a history of successful sales and expert rental property management. Our dedication has been consistently recognized through awards and accolades from satisfied clients, affirming our steadfast motto of bringing people and property together.

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