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House price growth has slowed globally in the past five years, Australia’s real estate market defied that trend.
House prices have cooled globally over the past five years, but Australia’s real estate market has defied the trend. New analysis from independent research group PAR Group reveals that from 2019 to 2023, Australian house prices grew 14.1% more than those in comparable global markets. The study examined housing markets in Australia, the US, Canada, the UK, and New Zealand, finding that Australian property prices rose 45.8%, while the global average increase was just 31.7%. Australia was the only country with positive annual house price growth in 2023, as demand surged, causing major supply shortages. In fact, Australia faced a shortfall of 89,000 homes in 2023. PAR Group attributes this imbalance to the gap between rapid population growth and housing completions, predicting continued demand growth, especially in coastal and lifestyle areas popular with remote workers. Although house price growth has eased in 2024, PAR Group noted that “actual and expected cuts to mortgage interest rates” could drive another spike in housing demand, further intensifying the supply-demand gap.
