Welcome back to another episode of Talk Property to Me! In this episode, we dive into a comprehensive wrap-up of the property market for 2024, discussing the performance of major capital cities and regional centres across Australia over the past year. We kick things off by addressing the financial landscape, noting that the cash rate has remained unchanged at 4.3% since November 2023. This stability has led to a rather uneventful year in terms of interest rates, yet we highlight some remarkable growth in property values, particularly in Perth, which saw an impressive increase of up to 30%. We also discuss the significant drop in inflation and the recent decision by the Reserve Bank of Australia (RBA) to split its board into two separate entities—one focusing on monetary policy and the other on government spending. This change aims to create a more balanced approach to managing inflation without penalizing homeowners. As we delve deeper into the property market, we analyse the annual growth rates across various cities. Sydney experienced modest growth at 3.3%, while Melbourne faced a decline of 2.3%. In contrast, Brisbane thrived with a 12.1% increase, and Adelaide saw a remarkable 14% growth. Perth's performance was particularly noteworthy, with a total growth of 21%. We also touch on the performance of regional areas, highlighting significant growth in places like Townsville and the York Peninsula. Throughout the episode, we emphasize the impact of affordability on property values, noting that more affordable cities and regions have outperformed their pricier counterparts. We also discuss the trend of units performing better than houses due to affordability issues. As we wrap up our analysis, we reflect on the overall market dynamics, noting that while interest rates have remained stable, the property market has shown resilience and growth in various areas. We conclude by teasing our next episode, where we will share our predictions for 2025, and encourage our listeners to engage with us on social media for a chance to win a $250 gift card in our holiday giveaway. Join us as we unpack these insights and more, and don't forget to subscribe to stay updated on our future episodes! Happy New Year, and we look forward to another exciting season ahead! Thank you for tuning in, and we look forward to seeing you in our next episode! Timestamped summary of this episode:

00:00:00 - Introduction and Giveaway Announcement

00:01:00 - Finance Wrap-Up for 2024

00:02:43 - Interest Rates and Market Impact

00:04:02 - Home Value Indexes Overview

00:06:25 - Top Performing Suburbs and Regions

00:08:02 - Key Takeaways from 2024

00:09:23 - Looking Ahead to 2025