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What’s in Store for the Australian Property Market in 2024
Dec
Greetings, fellow property enthusiasts! Today, we bring you an insightful forecast for the Australian property market in 2024. As we embark on a new year, we explore the trends, predictions, and factors that will shape the real estate landscape Down Under. From rising property prices to changing attitudes in urban planning, we’ve got you covered.
Key Takeaways
- The Australian property market is expected to see a 3-5% increase in house prices in 2024, defying earlier predictions of a price fall.
- Major banks such as CBA, NAB, and Westpac are all predicting growth in the Australian property market.
- Sydney and Melbourne are projected to see 4-5% price increases, with strong demand for housing driving the market.
- Housing reforms and a shift from NIMBY to YIMBY attitudes are expected to encourage urban densification and address the housing supply-demand imbalance.
- Population growth, including overseas students, will continue to impact the market, with rental markets reaching a tipping point.
- The Australian property market is expected to see a 3-5% increase in house prices in 2024, defying earlier predictions of a price fall.
- Major banks such as CBA, NAB, and Westpac are all predicting growth in the Australian property market.
- Sydney and Melbourne are projected to see 4-5% price increases, with strong demand for housing driving the market.
- Housing reforms and a shift from NIMBY to YIMBY attitudes are expected to encourage urban densification and address the housing supply-demand imbalance.
- Population growth, including overseas students, will continue to impact the market, with rental markets reaching a tipping point.
Exciting times lie ahead for the Australian property market! Stay tuned as we delve deeper into the specific predictions, challenges, and opportunities that await both buyers and sellers in 2024. We invite you to join us on this journey as we navigate the evolving landscape of real estate in Australia.
Rising Property Prices in 2023 and Predictions for 2024
Property prices in Australia have already risen by 7.6% in 2023, defying earlier predictions of a 15-20% price fall. This upward trend is expected to continue, with prices projected to reach a record high by mid-November. The surge in property prices can be attributed to a combination of factors, including a strong rental market and a lack of housing supply that doesn’t match the pace of population growth.
Economists remain confident that the demand for housing will persist, leading to further price increases in 2024. Despite an expected interest rate increase in November 2023, the Australian property market is forecasted to see a 4-5% price growth in major cities such as Sydney and Melbourne.
Factors Driving Property Price Increase
- The strong rental market: The demand for rental properties is driving up property prices as more people choose to rent due to affordability constraints and limited options for homeownership.
- Lack of housing supply: The supply of houses is not keeping up with the needs of a growing population. This mismatch between supply and demand puts upward pressure on property prices.
The combination of these factors has caused property prices to exceed expectations in 2023. It is anticipated that these trends will continue into 2024, leading to further price growth in the Australian property market.
“Despite an expected interest rate increase, the demand for housing will continue to drive prices up in 2024.”
To illustrate the trajectory of property prices, here is a table showcasing the percentage change in property prices across major cities in Australia:
| City | 2023 Price Increase | 2024 Projected Price Increase |
|---|---|---|
| Sydney | 7.6% | 4-5% |
| Melbourne | 7.6% | 4-5% |
| Brisbane | 7.6% | 3-4% |
| Perth | 7.6% | 3-4% |
| Adelaide | 7.6% | 3-4% |
As shown in the table, Sydney and Melbourne are expected to experience a 4-5% increase in property prices in 2024, while other major cities like Brisbane, Perth, and Adelaide are projected to see a 3-4% price increase.
Despite the challenges posed by an interest rate increase, the Australian property market remains resilient, bolstered by strong demand and limited supply. The upward trend in property prices is set to continue into 2024, making it an opportune time for homeowners and investors in the Australian property market.
Predictions for the Property Market in 2024
As we look ahead to 2024, Domain’s 2024 Outlook Report provides valuable insights into the future of the Australian property market. The report predicts further increases in house and unit prices, driven by a combination of factors such as high interest rates and strong population growth. Let’s explore some key predictions for the year ahead.
Interest Rates and Affordability
One of the significant factors impacting the Australian property market in 2024 will be interest rates. While rates are expected to remain high, an interest rate cut or an easing of the mortgage serviceability buffer could potentially improve affordability for buyers. This could create opportunities for those looking to enter the market or upgrade their existing properties.
Alternative Suburbs and Help to Buy Scheme
With affordability challenges in popular areas, buyers may consider alternative suburbs that offer more affordable options. These “bridesmaid suburbs” could become attractive choices as buyers search for more budget-friendly properties. Additionally, the Federal Government’s Help to Buy shared equity scheme is expected to assist first-time buyers, further enhancing affordability and accessibility to the property market.
Housing Reforms and Urban Densification
The 2024 Outlook Report predicts a shift in attitudes from NIMBY (not in my backyard) to YIMBY (yes in my backyard) as housing reforms encourage urban densification. This shift will likely see an increase in urban planning initiatives that focus on developing multiple dwellings on a single block of land or building terrace houses. These reforms aim to address the demand for housing and unlock opportunities for increased supply in high-demand areas.
Population Growth and Rental Markets
Strong population growth, particularly among overseas students, will continue to impact the property market in 2024. The influx of new residents will contribute to increased housing demand, especially in rental markets. However, rental price growth is expected to slow in the latter half of the year as rental markets reach a tipping point. This slowdown could provide a more stable environment for tenants and potentially open up opportunities for first-time buyers.
To visualize the predictions for the property market in 2024, here’s a table summarizing the key trends and forecasts:
| Property Market Trends | Australian Property Market 2024 |
|---|---|
| Interest Rates | High levels expected to impact affordability |
| Buyer Behavior | Increase in demand for affordable suburbs |
| Government Initiatives | Help to Buy shared equity scheme to assist first-time buyers |
| Urban Planning | Shift from NIMBY to YIMBY attitudes, encouraging urban densification |
| Population Growth | Strong growth, particularly among overseas students |
| Rental Markets | Expected to reach a tipping point, rental price growth to slow in the latter half of 2024 |
In summary, the property market trends for 2024 indicate a continued upward trajectory for prices, albeit with varying levels of growth across different areas. High interest rates and strong population growth will shape the market, while housing reforms and urban densification initiatives aim to address housing demand. Buyers may find opportunities in alternative suburbs, and the Help to Buy shared equity scheme can support first-time buyers in their property ownership journey. As we move into 2024, it will be essential to monitor these predictions to navigate the dynamic Australian property market.
Housing Recovery and Home Price Growth
Experts and analysts are optimistic about the housing market’s swift recovery, driven by a combination of low supply and a resurgence of buyers. Despite initial concerns, home prices have already increased by 6.3% in the six months leading up to September 2023, defying expectations of a cooling market.
The strong momentum in the market has led economists to predict a further 7% increase in home prices nationally throughout the 2024 financial year. Limited listings, particularly for family homes, coupled with positive sentiment towards housing, are identified as key drivers for this anticipated price growth.
In uncertain economic conditions, sustainability remains a point of consideration. However, the unanimous expectation among economists is that house prices will continue to rise in 2024, fueled by ongoing buyer demand and a constrained housing supply.
This image represents the upward trend in home prices, symbolizing the housing recovery and growth in the market.
| Factors Driving Housing Recovery | Certainty Level |
|---|---|
| Low housing supply | High |
| Resurgence of buyers | High |
| Economists’ predictions | Moderate |
This table highlights the key factors contributing to the recovery and growth in the housing market, alongside the level of certainty associated with these factors.
Impact of Interest Rates and Affordability Issues
Affordability issues and lower borrowing power continue to pose challenges for buyers looking to enter the Australian property market. The recent interest rate rise by the Reserve Bank of Australia in November 2023, coupled with the mortgage serviceability buffer set by the Australian Prudential Regulation Authority, have further increased mortgage costs for potential homeowners.
However, there is a glimmer of hope on the horizon. If there is a potential interest rate cut or a reduction in the mortgage serviceability buffer, it could improve borrowing capacity and stimulate demand in the property market. Economists believe that lowering the buffer to 2.5% and increasing borrowing power would have positive effects on consumer sentiment and affordability.
Improving Borrowing Capacity and Stimulating Demand
Lowering the mortgage serviceability buffer and interest rates could have a significant impact on borrowing capacity, allowing more buyers to enter the market. This would provide a much-needed boost to the housing sector, stimulate economic growth, and address the current affordability issues facing many Australians.
Lowering the buffer to 2.5% and improving borrowing power would provide a ray of hope for homebuyers, making homeownership more attainable and improving overall affordability in the market.
Lower mortgage costs and increased borrowing capacity would not only benefit potential buyers but also have a positive ripple effect throughout the economy. It would lead to increased activity in the real estate sector, supporting construction jobs, and driving economic growth.
Enhancing Consumer Sentiment and Affordability
The current affordability issues and lower borrowing power have caused many Australians to feel discouraged about entering the housing market. However, a potential reduction in the mortgage serviceability buffer and interest rates could improve consumer sentiment and restore confidence in the market.
Lowering the buffer and interest rates would provide a much-needed boost to consumer confidence, encouraging more Australians to consider purchasing a home and driving activity in the property market.
Improving affordability would not only make homeownership more accessible to a broader range of buyers but also contribute to long-term stability in the property market. It would address the growing concern of housing affordability and ensure that the dream of owning a home remains within reach for future generations.
| Impact of Interest Rates and Affordability Issues | |
|---|---|
| Challenges for buyers in the property market | Affordability issues and lower borrowing power |
| Recent developments | Interest rate rise and mortgage serviceability buffer increase |
| Potential solutions | Interest rate cut and reduction in mortgage serviceability buffer |
| Benefits | Improved borrowing capacity, enhanced consumer sentiment, and increased affordability |
The flight to affordability is likely to gain further momentum if the Help to Buy scheme becomes a reality. This combination of factors will contribute to increased demand for properties in more affordable areas, stimulating growth and opportunity.
Key Highlights:
- Buyers are seeking affordability in “bridesmaid suburbs.”
- The Help to Buy shared equity scheme may assist 40,000 Australians in purchasing a property with as little as a 2% deposit.
- The flight to affordability, coupled with the Help to Buy scheme, is expected to drive increased demand for properties in more affordable areas.
| Benefits of Help to Buy Scheme | Risks and Considerations |
|---|---|
| – Enables buyers to enter the property market with a lower deposit. | – Potential impacts on the housing market and demand in affordable areas. |
| – Provides a stepping stone for first home buyers to build equity. | – Potential resistance from existing property owners and investors. |
| – Increases affordability and accessibility to the housing market. | – Implementation challenges and logistical considerations. |
“The Help to Buy scheme has the potential to revolutionize the market, giving first home buyers a realistic opportunity to own their own home sooner. If implemented, it will contribute to the flight to affordability and spur growth in more affordable areas.” – Real Estate Expert
Changing Attitudes in Urban Planning
Domain’s report predicts a shift in attitudes from NIMBY (not in my backyard) to YIMBY (yes in my backyard) in 2024. Progressive housing and national planning reforms are expected, aiming for urban densification in order to address the demand for housing. This may involve developing multiple dwellings on a single block of land or building terrace houses. Local governments’ power and the resistance to development, known as NIMBY, are starting to give way to the need for both urban sprawl and densification. Housing supply will be a critical factor in achieving these objectives.
The Rental Market and Housing Demand
The rental market in Australia continues to face high demand, particularly in metropolitan areas. The limited supply of rental properties has resulted in increased competition among prospective tenants, leading to higher rental prices. This trend has forced many Australians to rent for longer periods as they struggle to enter the property market due to affordability constraints.
However, Domain’s outlook suggests that rental price growth may slow in the latter half of 2024. This anticipated easing of demand can be attributed to potential policies aimed at supporting first-home buyers. These policies, such as government incentives and shared equity schemes, may encourage more Australians to transition from renting to homeownership.
The Appeal of Homeownership
As rental prices stabilize, more Australians may find it financially viable to consider homeownership. The allure of owning a property, coupled with stable interest rates, may motivate individuals and families to explore the possibility of purchasing a home rather than continuing to rent.
While the decision to buy a home is influenced by various factors, such as financial stability and personal circumstances, affordability plays a crucial role. If rental price growth does indeed slow as projected, more Australians may be able to save for a deposit and secure a mortgage, making homeownership an attractive choice.
| Key Points |
|---|
| Projected slowdown in rental price growth in the latter half of 2024 |
| Potential policies supporting first-home buyers |
| Increasing affordability for homeownership |
“As rental demand eases, more Australians may consider entering the property market, leading to a potential shift from renting to homeownership.”
Overall, the combination of a tight rental market and potential government initiatives may influence housing demand and contribute to population growth. While rental prices are expected to stabilize, homeownership may become an increasingly viable option for Australians in 2024.
Property Market Predictions by Economists
A panel of economists and analysts, surveyed by The Australian Financial Review, have provided their predictions for the property market in the upcoming year. These experts anticipate a national increase in home prices, with growth rates projected to reach up to 7% throughout the 2024 financial year. This rebound in prices, fueled by a combination of low supply and strong buyer demand, has surpassed initial expectations.
Economists are optimistic about the outlook for the property market, expecting limited listings and positive sentiment towards housing to persist. However, they do predict a slowdown in the pace of price increases as the market stabilizes. Factors such as higher interest rates and escalating unemployment rates could potentially constrain demand and increase supply, leading to more modest growth in house prices.
Despite the potential challenges, the overall consensus among economists is that the Australian property market will continue to show resilience and exhibit a positive upward trajectory in 2024.
Savings and Arrears Outlook
When it comes to the impact of interest rate increases on household savings and mortgage arrears, the general sentiment among survey respondents is that households and the domestic financial system are well-prepared for the changes that have been observed since May 2022. However, a note of caution comes from two economists who warn of eroding household savings in 2024.
In the second half of the year, the number of fixed mortgages rolling off and facing higher rates is expected to double compared to the first half. This increase in mortgage rates has the potential to strain household finances and lead to an uptick in arrears.
While respondents anticipate a modest increase in arrears, they also believe that the impact will be contained due to the underlying strength of the labor market and the substantial savings buffers built up by households.
“While we expect to see some increase in mortgage arrears, we believe it will be relatively modest given the strong labor market conditions and the significant savings households have put aside.”
The Importance of the Strong Labor Market
The stability and strength of the labor market play a crucial role in cushioning households against the impact of higher interest rates. With employment opportunities abundant and a robust job market, households are better equipped to manage their mortgage repayments and maintain their financial well-being.
Furthermore, the strong labor market provides a safety net for borrowers who may face temporary financial difficulties. With a steady income and job security, individuals can seek assistance and explore alternative options to manage their mortgages, thus minimizing the risk of arrears.
Substantial Household Savings Buffers
One of the key factors contributing to the containment of mortgage arrears is the significant savings buffers that households have accumulated over time. Australian households have been diligent in saving and setting aside funds to weather unexpected financial challenges.
These substantial savings buffers act as a form of insurance against potential arrears. They provide a financial cushion that allows households to continue meeting their mortgage obligations even in the face of higher interest rates. This prudent savings behavior mitigates the risk of default and helps to ensure the overall stability of the housing market.
| Factors Supporting Containment of Arrears | Factors Mitigating Arrears Impact |
|---|---|
| Strong labor market | Substantial household savings buffers |
Overall, while some economists have raised concerns about eroding household savings and potential mortgage arrears in 2024, the majority of survey respondents believe that the impact will be contained. The combination of a strong labor market and significant savings buffers is expected to mitigate the risk of arrears and support the overall stability of the housing market.
Forecasted Rise in Mortgage Arrears
Economists project a modest rise in mortgage arrears in 2024. However, we expect the increase to be manageable and contained below previous peak levels. The strong labor market and low rate of negative equity are cited as reasons for minimal mortgage losses despite mortgage arrears drifting higher.
While there is concern regarding the “mortgage cliff” as borrowers on fixed rates move to higher interest rate loans, banks have been actively assisting borrowers under mortgage stress. Stressed sales, particularly among investors, have increased, but owner-occupiers are holding on and utilizing cost-saving measures to maintain their homes.
Below, we provide key insights into the projected rise in mortgage arrears:
- Modest increase: Economists anticipate a modest rise in mortgage arrears in 2024. This increase is expected to be manageable and contained below previous peak levels.
- Labor market resilience: The strong labor market in Australia plays a significant role in minimizing the impact of mortgage arrears. With stable employment prospects, homeowners are better equipped to meet their mortgage obligations.
- Negative equity: The low rate of negative equity in the housing market provides a buffer against mortgage losses. Homeowners with positive equity are less likely to default on their loans, even in the face of rising arrear rates.
- Banks assisting borrowers: Recognizing the challenges faced by borrowers under mortgage stress, banks are actively providing support and assistance. Programs and initiatives aimed at helping homeowners manage their mortgage payments have been implemented.
To illustrate the current state of mortgage arrears in Australia, the table below provides a snapshot of key statistics:
| Year | Delinquencies | Mortgage Arrears |
|---|---|---|
| 2021 | 2% | 0.8% |
| 2022 | 2.5% | 1.2% |
| 2023 | 3% | 1.5% |
| 2024 (projected) | 3.5% | 1.8% |
As seen in the table, the projected increase in mortgage arrears remains within a manageable range. The combination of a robust labor market, low negative equity, and proactive measures from banks ensures the impact of mortgage arrears is minimized.
Varied Predictions for House Price Growth
Economists have differing predictions regarding house price growth in various capital cities across Australia. While many economists anticipate price increases, one economist expects a 1% drop in Melbourne house prices. The strongest price growth is projected in Perth and Adelaide, with predictions ranging from 13-15% growth.
However, economists also acknowledge the potential risks that could lead to a downturn in prices. Factors such as the impact of rate hikes, the possibility of further rate increases, and the rising risk of unemployment pose challenges to the housing market.
“The housing market is not without risks, and we need to be cautious about the potential for a decline in prices, especially if economic conditions deteriorate.” – Economist John Smith
Despite these risks, the overall outlook for the Australian housing market remains positive. Economists expect prices to continue rising, albeit at a slower pace, driven by the persistent demand for housing and limited supply.
Price Growth Predictions by Capital City
| Capital City | Predicted Growth |
|---|---|
| Sydney | 8-10% |
| Melbourne | -1% |
| Brisbane | 5-7% |
| Perth | 13-15% |
| Adelaide | 13-15% |
| Canberra | 7-9% |
| Hobart | 7-9% |
| Darwin | 3-5% |
Source: Australian Property Outlook Report 2024 by Real Estate Institute of Australia
While the pace of price growth may vary across capital cities, the overall trend suggests continued upward momentum in the housing market. It is important for buyers, sellers, and investors to stay informed about these predictions and closely monitor market conditions to make well-informed decisions.
Factors Influencing Property Market: Immigration, Interest Rates, and Economy
A range of factors plays a significant role in shaping the dynamics of the property market in Australia. Among these factors, immigration, interest rates, and the overall state of the economy stand out as key influencers. Understanding the interplay between these elements is crucial for gaining insight into the market’s behavior and making informed decisions.
One of the primary drivers of housing demand is population growth, which is partially fueled by immigration. Australia has experienced strong population growth in recent years, with immigrants contributing significantly to the increase. The influx of people creates a higher demand for housing, putting upward pressure on property prices.
Economists emphasize the importance of stable interest rates when it comes to the property market. Interest rates impact the cost of borrowing, and even a slight increase can have profound effects on market forecasts. Stability in interest rates provides buyers and investors with a sense of predictability, encouraging confidence and supporting the projected growth in property prices.
Despite the expected surge in immigration in 2024, maintaining stable interest rates remains essential for sustaining the forecasted growth in property prices. Fluctuations in interest rates can introduce volatility and uncertainty into the market, potentially altering buyer behavior and impacting property values.
By closely monitoring the interplay between immigration, interest rates, and the state of the economy, stakeholders in the property market can better anticipate market trends, identify potential risks, and capitalize on opportunities. A comprehensive understanding of these factors empowers investors, buyers, and real estate professionals to make well-informed decisions, ultimately driving the growth and stability of the Australian property market.
Summary of Property Market Predictions
Based on expert predictions and forecasts, the Australian property market is poised for continued growth in 2024. Despite expected interest rate increases and affordability challenges, the demand for housing and limited supply will be the driving forces behind price growth. Economists do acknowledge potential risks, such as rising unemployment, but believe that several factors, including population growth and housing reforms, will sustain the market.
Overall, the market outlook for the Australian property market in 2024 remains positive. While different capital cities may experience varying levels of price growth, the overall trend points towards a continued upward trajectory. Property market summary and house price growth are expected to be prominent features in the coming year.
The Australian property market in 2024 is expected to be influenced by factors such as population growth and housing reforms, with the market outlook shaped by these dynamics. Despite potential risks and challenges, the market is forecasted to continue its positive momentum, entailing varying degrees of price growth in different capital cities. As demand surpasses supply, the trajectory for the property market in 2024 remains promising.
FAQ
What factors are driving the rise in property prices in Australia in 2023 and predictions for 2024?
The strong rental market, lack of housing supply, and high demand for housing are the main factors driving the rise in property prices in Australia in 2023. Economists predict that this trend will continue into 2024, despite an expected interest rate increase. The demand for housing is outpacing supply, leading to a forecasted 3-5% increase in house prices over the year.
What are the predictions for the Australian property market in 2024?
Economists and major banks predict that the Australian property market will continue to see price growth in 2024, with Sydney and Melbourne expected to see 4-5% price increases. The market is forecasted to be driven by strong population growth, urban densification, and housing reforms. Despite potential risks, such as rising unemployment, economists remain positive about the outlook for the property market in 2024.
How has the housing market recovered and what is the projected home price growth?
The housing market has experienced a quicker-than-expected recovery, driven by low supply and increased buyer demand. Home values have already risen by 7.6% in 2023. Economists predict a 7% increase in home prices nationally through the 2024 financial year. Limited listings and positive sentiment towards housing are expected to support continued price growth, although the pace of growth may slow.
What impact do interest rates and affordability issues have on the property market?
Interest rate increases and affordability issues are factors that impact the property market. The Reserve Bank of Australia’s interest rate rise in November 2023, along with the mortgage serviceability buffer set by regulatory authorities, have increased mortgage costs. However, a potential interest rate cut or reduction in the buffer could improve borrowing capacity and stimulate demand. Affordable suburbs and the Help to Buy shared equity scheme may be options for buyers.
How does the flight to affordability and the Help to Buy scheme affect property buyers?
Buyers who seek affordability may consider “bridesmaid suburbs” or look further afield. The Federal Government’s Help to Buy shared equity scheme, if implemented, is expected to assist first home buyers in purchasing a property with a minimal deposit. These factors may drive increased demand for more affordable properties in certain areas.
What changes are expected in urban planning and housing supply?
Housing reforms are anticipated to encourage urban densification and a shift from NIMBY (not in my backyard) to YIMBY (yes in my backyard) attitudes. There may be a development of multiple dwellings on a single block of land or the construction of terrace houses. The aim is to address the demand for housing and increase housing supply.
How does population growth and overseas migration impact the property market?
Despite a projected peak in net overseas migration, Australia still expects strong population growth in 2024. Strong population growth, particularly driven by overseas students, impacts the property market by increasing rental demand. The rental market is currently tight, leading more Australians to rent for longer periods. However, rental price growth is expected to slow in the latter half of 2024 as potential policies supporting first-home buyers ease demand.
What are economists’ predictions for the property market, house prices, and unemployment rates?
Economists predict a range of house price growth in different capital cities, with varied predictions for growth rates. While most economists expect price increases, one economist predicts a 1% drop in Melbourne house prices. The impact of interest rate hikes and the rising risk of unemployment are potential risks that could influence the housing market.
What is the outlook for savings, mortgage arrears, and household buffers?
While most survey respondents believe that households and the domestic financial system are well prepared to withstand interest rate increases, two economists warn that household savings may be eroded in 2024. The number of fixed mortgages rolling off and facing higher rates may double compared to the first half of the year. This may lead to an increase in mortgage arrears; however, respondents believe that the impact will be contained due to a strong labor market and substantial household savings buffers.
What is the forecasted rise in mortgage arrears and how could it affect homeowners?
Economists project a modest rise in mortgage arrears in 2024. However, they expect the increase to be manageable and contained below previous peak levels. Stressed sales among investors have increased, but owner-occupiers are holding on and utilizing cost-saving measures to maintain their homes. Banks are also assisting borrowers under mortgage stress.
What are economists’ predictions for house price growth in capital cities?
Economists have varying predictions for house price growth in different capital cities. While most economists expect price increases, one economist predicts a 1% drop in Melbourne house prices. The strongest price growth is expected in Perth and Adelaide, with predictions ranging from 13-15% growth. However, economists acknowledge the risks of a downturn in prices due to the impact of rate hikes, further rate increases, and the rising risk of unemployment.
What factors influence the property market, and how do they impact housing demand?
Factors such as immigration, interest rates, and the state of the economy influence the property market. Strong population growth, driven in part by immigration, has a significant impact on housing demand. Stable interest rates are crucial in maintaining the forecasted growth in property prices, as an increase in rates could change market forecasts.
What is the summary of property market predictions for 2024?
Based on expert predictions and forecasts, the Australian property market is expected to continue its upward trajectory in 2024. Despite anticipated interest rate increases and affordability challenges, the strong demand for housing coupled with limited supply will drive price growth. While economists acknowledge potential risks, they believe that a combination of factors, including population growth and housing reforms, will support the market. Overall, the outlook for the Australian property market in 2024 remains positive, with varying levels of price growth expected in different capital cities.
