KEY TAKEAWAYS
The outlook for the property market in 2024 will be shaped by various push-pull factors at play between a supply shortfall, strong population growth and interest rates remaining higher for longer.
By the end of 2024, combined capital house and unit prices are forecasted to be at a record high, with Sydney, Brisbane, Adelaide, and Perth houses expected to set record prices, and Sydney, Brisbane and Adelaide units also anticipated to achieve record high.
This year surprised everyone in the property market - the rising property prices defied the rising interest rates; winter became the new spring selling season, and we experienced the “cliffhanger” rather than the fixed-rate mortgage cliff.
As of mid-November, the combined capital median house price ($1,084,855) and regional median house price ($591,139) reached a peak along with Brisbane ($865,072), Adelaide ($862,078) and Perth ($724,033) median house prices. Sydney’s median house price ($1,583,521) is only 0.4% away from the peak while Melbourne's ($1,049,038) is 4.1% away.
Extract Thanks to propertyupdate.com.au
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