10 of Australia’s Economic Powerhouse Cities 2024

In the past two years, Australia’s economy has been supported by robust population growth and a more-active-than-ever job market. Although the RBA cash rate hikes have slowed the economy as expected, we still see thriving local economies across the country. Each local economy performs differently, and so does each housing market. However, these two are closely linked. A thriving or strongly recovering local economy is a necessary condition for a booming housing market, while the performance of the housing market can have flow-on positive economic impacts.

In this month’s Market Pressure Review, the InvestorKit buyer’s agency research team reviewed hundreds of Australia’s local economies and came up with 10 of the best-performing cities/city clusters and their housing markets. We go through their Gross Regional Product (GRP), industry diversity, population, unemployment rates and jobs, airport passenger movement, construction pipeline, and their respective housing trends (e.g. sales market pressure, rental market pressure, affordability, and more).

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