As the Australian property market continues to defy expectations, financial analyst Pete Wargent joins me to unravel the complexities of its current landscape.
Being the first Big Picture Podcast for the new year, I want to look at the clues in the news for what’s ahead for our economy and our housing markets in 2024.
Insights into Australia's 2024 Property Sector and Economic Trajectory
In this episode, Pete Wargent and I discuss:
- How forecasts of housing market declines in early 2023 proved wrong and investors were wise to ignore them
- Supply and demand will continue to drive property markets in 2024 with shortages persisting
- Interest rate hikes had a limited impact on property markets in 2023 and rates are now expected to peak and start falling
- Inflation is cooling in Australia and overseas which is positive for interest rates medium-term
- The economy is slowing which reduces the chance of more rate hikes while also lowering the risks of cuts happening too fast
- Population growth has surged to the highest levels since the 1950s, fueling massive demand for housing
- The construction industry is in crisis and unable to deliver anywhere near the dwellings required
- Foreign investment has fallen but build-to-rent may attract some overseas capital
- Consumer confidence should rebound in 2024 as economic stability returns post-rate hikes
- Clarity that interest rates have peaked will be a positive psychological shift for buyers and investors
Links and Resources:
Metropole’s Strategic Property Plan – to help both beginning and experienced investors
Get a bundle of free reports and eBooks – www.PodcastBonus.com.au
Join as at Wealth Retreat 2024 – www.WealthRetreat.com.au
Some of our favorite quotes from the show:
“There's an under-supply of properties and various estimates that already we're starting with 100,000 - 120,000 under-supply of dwellings and we're just not keeping up. So our markets are going to be under-supplied for years to come. – Michael Yardney
“But the big thing that changed towards the end of 2023 is that the Federal Reserve finally has just pivoted and it was pretty clear cut. They're basically done with hiking interest rates.” – Michael Yardney
“If you cared at all, you're going to get some results. If you care enough, you're going to get incredible results.” – Michael Yardney
PLEASE LEAVE US A REVIEW
Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes - it's your way of passing the message forward to others and saying thank you to me. Here's how
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.