Note: Article summary only and not intended as advice or financial guidance. Readers should make their own inquiries based on individual circumstances.
The start of the new year brings resolutions and predictions … so what do the experts think will happen to house prices in 2024.
In 2023, (Jan-Nov) national property prices increased by 5.5%, with capital cities at 6.6% and regional prices at 2.8% higher.
Houses have risen slightly faster than units, however over towards the end of 2023 price rises have started to slow.
So what to expect in 2024 … it is tipped that as a result of record overseas migration, tigher rental markets, low unemployment and equity gains from rising prices in 2023 there could be increased demand and subsequently further price increases
Many households continue to feel the pressure of rising interest rates and inflation on spending. Whilst uncertainty remains, many industry experts see interest rates at their peak of the tightening cycle, with rates set to hold for the near future.
Full Article available at RealEstate . com.au