Property Clock: Is it boom or bust for your market?

Both sellers and buyers frequently look for a clear indication of which direction their market is heading, but that clarity can be hard to pin down. 

Each month, Herron Todd White (HTW), an independent property valuation firm, grades Australia's top 50 markets in its residential property report to paint a picture of what's to come via their long-running Property Clock. 

So if your market on the up, at its peak, declining or bottoming out? Let's run through HTW's findings for August 2024.

Markets on the rise

With the national median property price rising for a 19th consecutive month in August, it's no surprise that HTW remains optimistic about a large number of Australia's markets. 

Sydney, Brisbane and Adelaide all sit comfortably in the 'Rising market' sector of the clock with expectations for further growth as 2025 approaches. 

Queensland's regional markets are also well represented in this area, with the Gold Coast, Townsville, Cairns, Emerald, Rockhampton and more being highlighted as rising markets. 

The clock's 'Start of recovery' classification has some interesting inclusions at the moment, namely Melbourne and Canberra. 

Both capitals have had a sluggish year in 2024, but HTW believes the outlook is improving. The same can be said for the Sunshine Coast and regional NSW hubs Newcastle, the Central Coast and Illawarra. 

Markets at or approaching their peak

Perth has seen an astonishing run of growth in recent years, with prices rising more than +16 per cent in the first eight months of 2024 alone. 

While HTW does categorise Perth's unit market as still rising, they've placed houses in the 'Approaching peak of market' phase, suggesting that this historic run could be nearing its peak. 

Geraldton has also graduated to the near-peak sector of the clock, sitting alongside the Whitsunday area. 

In terms of markets HTW sees as being right at their peak, they're all regional destinations including Tamworth, Albany, Dubbo, Mildura, Mount Gambia and South West WA.

Markets declining or at the bottom

The right-hand side of the clock is noticeably less populated than the left, putting just a handful of markets in the declining category. 

Bathurst, Alice Springs and Launceston are all considered by HTW to be in the early stages of a fall, while Port Macquarie and units in Canberra are firmly in the declining phase. 

The NSW-Victoria border-straddling towns of Albury and Wodonga are both 'approaching the bottom of the market' after a period of downturn. 

Then, focusing on markets that HTW believe are now at the bottom, a number of locations that saw sudden booms during the pandemic are featured. 

Ballina/Byron Bay, Hobart, Coffs Harbour, Geelong and the Southern Highlands all drew strong levels of migration from Sydney and Melbourne during the period of lockdowns which pumped prices up at dramatic speeds. 

Now that those markets have seen a correction, HTW expects their periods of decline are over and the next phase will be a positive one.

Thinking of selling?

If you're looking to get in on the action either this year or in 2025, it's important to be as prepared as possible in order to cut through the competition and achieve a standout result. 

Step 1: Understanding how your market is performing

Every market is different, and understanding your local market is fundamental to making the right selling decisions. Our guide to tracking market trends and data will help you to get a clear picture of how your market is performing and how that impacts you as a seller. 

Step 2: Know what your property might be worth

Getting a free home value estimate is a great way to set a foundation for your selling expectations and begin planning the path forward.

Step 3: Get a no-obligation market appraisal from a top real estate agent

Understand what your property could sell for in the current market by speaking to the top-performing agents in your suburb. Comparing top agents in your area will help you find the perfect partner for your selling journey and move towards a successful result.

Step 4: Finally, get your property listing-ready

Taking a thorough approach to preparing your home for sale is another critical step. From cleaning, decluttering, painting and performing other cosmetic renovations to home staging, photography and marketing, getting your property to sale-ready condition is a must.