Insynergy takes a look at what’s ahead for the Australian property markets in 2024 and beyond.

In the face of challenging circumstances such as rising construction costs, a scarcity of skilled labour, and increasing interest rates, property markets across the country are continuing to grow in value. Factors such as heightened migration, a housing supply deficit, augmented government expenditures, and expansive infrastructure initiatives have all contributed to this remarkable growth.

Moving into 2024, it’s important to note that not all locations will sustain their robust growth. In what may be surprising to some, it’s highly likely that property sectors in Sydney and Melbourne may soften this year, and a slight decline cannot be ruled out.

As always, some cities will do far better than others in the property growth stakes depending on where they sit in their growth cycle and other key property market fundamentals. Adelaide, Brisbane, Perth and Darwin are currently the markets with the best prospects for property investors. In most cases, these markets also have two to three times net rental return than the Northern Beaches of Sydney.


Adelaide, recently named as Australia’s “coolest” city by the Wall Street Journal, presents compelling investment opportunities. The city boasts low housing supply, pent-up demand and strong population growth. Better still, Adelaide offers affordability, with median property prices averaging $755,000 for houses and $470,000 for units.

The city’s economic prospects are further bolstered by significant government investments exceeding $400 billion in defence, infrastructure, and other sectors. Savvy investors should certainly have Adelaide on their radar.


Brisbane’s property values will continue to strive ahead over the next year, thanks to better affordability, more demand, and less supply. Brisbane has well and truly hit its stride, remaining one of Australia’s strongest housing markets with dwelling values increasing 10.2 per cent over the year.

Brisbane has seen an influx of people moving in from higher-priced markets such as Sydney and Melbourne, and the economy is performing nicely with a substantial number of game-changing major infrastructure projects underway. Growth in Queensland’s capital will continue into the long term as well, thanks to their hosting of the 2032 Summer Olympics.


In 2023 the Perth property market continued to go from strength to strength, reaching a record high. Over the course of the year, house prices in Perth increased by 11.1 per cent, and unit prices rose by 8.8 per cent, with several suburbs surging to levels nearly 10 per cent above their previous peaks.

The city’s strong economy and housing sector are propelled by substantial infrastructure investments from both the Western Australian Government and private businesses. To sweeten the deal for property investors, there are stamp duty concessions and rebates available for pre-construction and under-construction off-plan properties until 30 June 2025. More information on this scheme can be found at


The Northern Territory boasts the highest per-capita infrastructure spending in the country, with significant investments from both government and private entities. This surge in infrastructure development is expected to create significant job opportunities and stimulate economic growth.

Darwin stands out as the most affordable capital city, with average house prices at $579,000 and unit prices at $376,000. Additionally, it offers the highest gross yields, with long-term rental returns reaching up to 7.5 per cent.

Notably, the price gap between houses and units in Darwin is the largest it has ever been historically, indicating an increased demand for units, particularly when unit rents are considerably higher.

It’s crucial to recognise that certain cities and even specific suburbs are projected to outpace others in terms of property growth, with potential gains ranging from 60 per cent to 100 per cent over the next seven years. For a property valued at $1 million, this equates to an astounding $600,000 to $1 million in potential growth. Therefore, it’s essential to seek guidance from experienced and qualified property investment professionals who possess on-the-ground knowledge and conduct comprehensive research of these areas. In the realm of property wealth planning, foresight and strategic decision-making are vital to building a robust property portfolio in 2024 and beyond.

Richard Sheppard is the CEO and founder of inSynergy Property Wealth Advisory. inSynergy provides a broad range of professional services designed to assist with all aspects of property investment. Phone 1300 425 595 or visit