Supply & demand

14 Feb 2024

As we get into the full swing of 2024, our property market remains solid thanks to two key market drivers – supply and demand.

Confused about how these two work to drive our market? We break it down below. 

Let's talk demand first….

Population growth and shifting demographics are still driving demand, fueled by our nation's record immigration intake. Just take a look at the stats from the Australian Bureau of Statistics (ABS) – in the 2022/23 stretch, we saw a whopping net gain of 518,000 people from overseas. Further migrant arrivals shot up by a massive 73% to 737,000 compared to the previous year.


Seems like Australia's still the place to be for people wanting to start fresh and build the dream life! 

All those migrants, along with returning expats, are hungry for rental spots, especially in hotspots like Brisbane, Adelaide, and Perth, of course! From a company viewpoint, its madness out there - we are receiving upwards of 5,000 monthly enquires for rentals alone!

The government keeps throwing fuel on the fire with incentives for first-time homebuyers. This is further driving demand, especially in the more affordable end of the market, where investors like to hang out, pushing prices up further. 

Now, onto the supply side. We've still got some hangovers from last year which will mean available housing stock will remain low.
Construction costs are still notably high and while the inflation in building materials has eased slightly, demand for labour is seeing trades charge big dollars for their service, making building a costly exercise the appeal for establish higher.

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