Optimistic Outlook for Australian House Prices in 2024

Optimistic Outlook for Australian House Prices in 2024

The Australian property market is showing signs of recovery. National house prices are set to rise, according to a recent survey conducted among 13 economists from different banks. The property market experienced a 4.8% decline in 2022. The economists predict a 7.7% rise in the property market in 2023. This signifies a turning point in the market despite the most aggressive tightening cycle by the RBA in over 30 years. Note that the RBA has increased interest rates by 4 percentage points in the past 14 months and has recently kept the cash rate at 4.10% for the last 5 months since June 2023.

The Australian economy is going through the lowest unemployment rate ranging from 3.4% and 3.7%. Rising house prices are also being driven by an acute supply crunch and a rise in population as Australian immigration is accepting more migrants post-pandemic.

There is still the problem of inflation compounded by rising oil prices. With the recent rise in the consumer price index to 5.2% in August, analysts are predicting a rate hike possibly this November, pushing the rate to 4.35%. CoreLogic Economist Liza Owen expects housing values to continue to rise in the near term. This presents an opportunity for prospective buyers, seasoned investors and anyone navigating the dynamic property landscape.

In these times of difficult and complex market conditions, the Maverick Finance Team is able to provide invaluable insights and customized solutions to help you navigate the property market.  Our team of experts is here to assist you in your property journey. Is this the right time to buy your first home? Should you venture into property investing?

Whether you’re a first-time homebuyer, a seasoned investor, or simply curious about your options, we invite you to reach out to us. Your property goals are our top priority, and we are here to guide you every step of the way.

Maria Papa is a senior property and finance expert specialising in home loans, investment loans, self-employed loans, alt doc loans, car loans, personal loans, and loan protection.  She has offices in Sydney, Melbourne, and Manila.  If you have questions, you can call Maria at 0430 144 008 or email her at mpapa@maverickfinance.com.au.

Disclaimer: Your full financial situation will need to be reviewed prior to acceptance of any offer or product.

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