What’s ahead for our property markets in 2024?
That’s what I will be discussing today with Dr. Nicola Powell, Domain’s Chief of Research and Economics.
2023 will go down in history as the year that a new property cycle began as our markets defied high-interest rates and all the predictions from the property pessimists.
But what’s coming next in 2024?
Dr. Nicola Powell and I discuss the resilience of the housing market amid high-interest rates and inflation in 2023 and what’s ahead for 2024.
We explore various factors influencing the property market, including consumer confidence, population growth, affordability, and unemployment rates.
- Unraveling the unexpected twists and turns of Australia's property market in 2023.
- Behavioural aspects of the housing market constrained the level of new listings that came on and increased buyer competition.
- The resilience of the housing market amid high-interest rates and inflation.
- The impact of consumer confidence and interest rates on the property market.
- Predictions for 2024, including the impact of interest rates, consumer confidence, and population growth on housing prices.
- The increasing demand for extra bedrooms as working from home becomes the norm.
- The potential wave of affordability and possible gentrification in less-known
- Upcoming property prices for 2024, considering key factors such as population growth, supply, affordability, and unemployment rates.
- Nicola Powell's predictions of moderate price growth, with Sydney, Brisbane, and Adelaide poised for the biggest gains.
Hopefully, with insights from industry experts, you’ll gain a deeper understanding of the dynamics at play and what to expect in 2024.
Whether you're a homeowner, an investor, or simply curious, this podcast provides valuable insights into the future of Australia's property market.
Links and Resources:
Dr Nicola Powell, Domain’s Chief of Research and Economics
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Some of our favorite quotes from the show:
“Eventually interest rates do their job and then the Reserve Bank has to lower them and we don't really know what that Goldilocks rate is, where it's not too high to dampen the economy but not too low to stimulate the economy.” – Michael Yardney
“If you look back over the last decade, rents haven't really kept up with inflation. So, it's not landlords taking advantage of tenants, it's just the market forces at the moment.” – Michael Yardney
“You only need one thing to succeed. Forget all the reasons why it won't work and believe in the one reason why it will.” – Michael Yardney
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