RESIDENTIAL PROPERTY
2024 is set to host a mixed national housing market, with Sydney and Melbourne house prices forecasted to see moderate falls.
According to forecasts from SQM Research, the base case expectations for average national dwelling prices is a change between -1% and 3%.
“The interests rate rises of 2022, 2023 and possibly 2024 will finally start to bite homeowners and would-be homebuyers alike,” said Louis Christopher, managing director at...
“Distressed selling activity is expected to jump, especially in NSW where we are already starting to see a new trend upwards in that data set.”...
Perth and Brisbane are currently the only two cities expected to record price increases in 2024, with both set to be driven by a tailwind of a recovering Chinese economy leading to...
SQM believes Australia’s diminished housing affordability paired with ongoing interest rates hikes are now at restrictive levels and expect this to result in a modest to...
At the same time, both Adelaide and Darwin are expected to hold steady or record only minor declines or increases...
Sydney’s housing prices are forecast to see a moderate decline between -4% and 0%, with detached houses in the city’s middle to outer rings to see the strongest correction...
Sydney’s units are forecast to see the strongest performance, with Sydney’s inner ring likely to continue to rise, largely thanks to demand from foreign investors.
Melbourne is also anticipated to see a modest price correction, with prices forecast to fall by as much as 3%...
Melbourne’s prime market will likely still record price increases, with units also expected to outperform...
Canberra is forecast to see the greatest fall of any capital city over 2024, with declines between 4% and 8% expected...
“These are the key assumptions behind our base case scenario. If I am wrong and the housing market has another strong year, it will be because employment growth has...
“Perth and Brisbane are still very likely to record price rises based on super tight rental conditions, a better-than-expected global commodities market and minimal exposure to...
Unfortunately for renters, asking rents won’t soon be following the example of home values, with rents expected to rise between 7% and 10%...
Renters in Perth should brace for the worst of it, with the most significant increases in asking rents between 12% and 15%.