Madeline Riseborough's struggle to buy a house in Melbourne illustrates the challenges faced by many Australians in the current housing market. While 2024 saw a decline in home values, experts predict a complex future influenced by various factors.
Buying a new house in Melbourne hasn't been an easy process for Madeline Riseborough, as she says with the cost of living crisis, her budget 'keeps getting blown out'. 'We think we've got a track on things, and then all of a sudden, you realise that all your money is actually going towards health and groceries rather than any actual discretionary spending,' Riseborough told SBS News. 'Then it still looks like you're spending out of your budget anyway.
' The year 2024 ended with good news for potential Australian home buyers like Madeline, something many had looked forward to over the past few years. In December, home values dropped, according to property data providers. PropTrack's latest report shows home prices dropped 0.17 per cent nationally in December. Another report by CoreLogic also indicated national home prices have decreased for the first time in two years. While home values declined in capital cities by 0.25 per cent in the month of December, prices increased by 4.73 per cent nationally in 2024, according to PropTrack. This rise and drop is what Riseborough is experiencing while she continues her house hunt. 'It's a bit weird. I mean, for a while, we were seeing a lot of stuff listed, and then prices kept getting increased and then weirdly, now there are things that we get alerts that are being decreased,' Riseborough said. 'We weren't even expecting things to be listed over Christmas ... We weren't even expecting inspections or anything. We just didn't think that there'd be the push for it. 'We have no idea what's going on.' The PropTrack report revealed the median home value in Australia is $795,000. Some Australians hope this number will decrease in 2025, making buying a home easier. Some experts believe this depends on many factor
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