Property Trends [ for 2024 ]

4 Feb

Even though the crystal ball isn't exactly clear, let's dive into eight property trends we see coming up in 2024. The rollercoaster ride of our property markets in recent years is hard to forget, isn't it? From the unprecedented property boom of 2020-21, fuelled by nearly free financing, where many properties soared in value by up to 30%, to the subsequent downturn in 2022 due to multiple interest rate hikes and inflation concerns, and finally, the turnaround in 2023, where housing markets regained nearly all their lost ground with consistent month-on-month price growth. Australia's housing market continues to defy expectations! Despite the Reserve Bank of Australia implementing 13 interest rate hikes, property prices persisted in climbing, confounding analysts who predicted significant drops of 15%, 20%, or even 30% following the rate hikes. So, what's on the horizon for our housing markets? While growth may moderate slightly in the coming years, we can expect robust capital and rental growth. Yet, history has shown us that unexpected factors, whether positive or negative, can disrupt even the most well-founded predictions.

Despite the uncertainty, let's explore the eight property trends we anticipate for 2024:

Property values will maintain their upward trajectory.
A two-tier property market is likely to emerge.
Gradual economic improvement is expected.
The "official" interest rate is poised to decline.
Strong immigration patterns will persist.
Rental prices will continue to climb.
We'll see a resurgence of property investors in the market.
Despite prevailing optimism, some will continue to forecast a market crash.

If you're like many property investors, you're probably wondering what's the right thing to do at the moment. Should you buy, should you sell, or should you just wait?

You can trust the team at C+M Residential to provide you with direction, guidance, and results, so why not reach out today!

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