While global house price growth has slowed over the past five years, Australia’s real estate market has defied the trend. Research by the PAR Group shows Australian house prices surged by 45.8% between 2019 and 2023, outperforming comparable markets like the US, Canada, the UK, and New Zealand, where the global average was 31.7%.
In 2023, Australia stood out as the only country to record positive annual house price growth. However, this demand has exacerbated housing supply shortages, with a shortfall of 89,000 homes nationwide.
The ongoing disparity between population growth and housing completions continues to drive demand, particularly in lifestyle and remote-work-friendly locations. Looking ahead, PAR Group suggests that expected interest rate cuts could ignite another surge in demand, further intensifying the supply-demand imbalance.
