RESIDENTIAL PROPERTY
THE majority of real estate professionals are forecasting interest rate changes to have the most influential impact on the housing market this year...
According to a new survey by CoreLogic, 71% or real estate professionals named fluctuations in interest rates as the primary driver of the Australian real estate market in 2024...
The majority of respondents expressed a positive sentiment toward the overall economy for 2024, with 57% expecting some economic growth and while 59% forecasting a rise in home values...
“The broad expectation for housing values in 2024 is that the market will still grow but at a slower rate than the 8.1% observed in CoreLogic’s Home Value Index in 2023,” Eliza Owen...
“Growth in housing demand is expected to slow amid higher cost of living pressures, a higher tax take from bracket creep, and high interest rates. This means less savings to...
46% of respondents predict a rise in house prices between 1-5%, while 13% anticipate a rise exceeding 5%...
On the other hand, 25% believe prices will remain steady, with 16% forecasting a decline in house prices this year...
“Despite some of the headwinds for market demand, growth is still expected to be positive throughout 2024. Ongoing constraints in the construction sector are likely to...
“There remains a strong mismatch in the supply and demand of dwellings across Australia, and anything that makes buying more accessible, such as a reduction in interest rates...
At the local level, 41% named low housing stock as the most significant stressor agencies for the year, with 38% naming high interest rates and inflation...
“Our survey respondents from across the real estate industry indicate confidence about house price increases and 2024 economic growth stimulating business in the long run...
“The results also found low levels of stock and deepening customer relationships are also weighing on their minds. This will make smart prospecting, maximising the...
While the top strategy for bringing in new business for 49% of respondents was to nurture their CRM database through emails, SMS and calls...