Is 2024 [ A Good Time To Buy? ]

28 Jan

Happy Australia Day weekend! Can you believe we're almost done with the first month of 2024? Time's flying! Before you know it, the kids will be back to school, and we'll be back to our regular routines.

Australia's property market has shattered records, fully recovering from the 2022 downturn by reaching new highs in combined capital house and unit prices by the end of 2023. Melbourne, in particular, is on a slow but steady recovery, with house prices gaining momentum and unit prices experiencing three consecutive quarters of growth.

Despite initial concerns about affordability and high-interest rates, the housing market's resilience is attributed to factors like an undersupply of new homes, cost-to-build blowouts, a growing population, and a tight rental market. While the pace of price growth has moderated, new stock entering the market continues to drive prices upward.

Looking ahead, short-term challenges include high-interest rates impacting mortgage affordability, but an anticipated interest rate cut in the latter half of the year is expected to stimulate demand and increase price pressures. Tax cuts in July and easing inflation may offer relief on the cost-of-living front.

The national spotlight in 2024 will focus on Australia's housing supply challenges, especially with recent news about NSW falling short of its housing target. As for Melbourne, the city's housing market is making strides, with house prices recovering and unit prices achieving a two-year high in annual gains.

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From all of us, we're excited to keep "Helping You Find Home" in 2024!