Property price forecasts lifted as some cities defy expectations [Video]

National house prices will climb higher than first thought this year as several capital cities outshine expectations, according to new analysis.

PropTrack’s latest Property Market Outlook Report has forecast national home prices will rise by 2% to 5% in the 2024 calendar year, up from its December prediction of 1% to 4%.

The revision follows higher prices forecast this year for Brisbane, Adelaide, Perth, Darwin and Canberra, reflecting the momentum in those markets and low stock volumes.

“Price growth has been stronger than anticipated early in 2024,” report author and PropTrack economic research director, Cameron Kusher, said.

“[This is] despite interest rates sitting at a 12-year high, borrowing capacities having fallen substantially and the volume of stock for sale increasing.”

Over the first five months of 2024, sales volumes have proven strong, with national volumes 13.9% higher than the same time last year.