15 Feb, 2024

Experts Predict Property Trends For 2024

The Market Will Be Busier

Government Schemes On The Forefront

The year 2024 will be a busy market, with stable interest rates and easing inflation contributing to high rents. Government initiatives, such as new tax rates and the Help to Buy scheme, are expected to shape the market.

Rising Prices And Rents

Property prices and rents are set to continue to grow due to stable borrowing conditions. A constant lack of rental properties is expected to push rents higher, while construction struggles, including labour shortages and high costs hinder property supply.

Construction Challenges On The Horizon

Specific regions, like Queensland, are deploying incentives like the First Home Owner Grant to spur construction, potentially leading to an uptick in housing development; however, labour shortages and high costs will still threaten to slow construction activity. Calls for adjustments in policies, like stamp-duty concessions, further reflect the efforts to stimulate market activity.

Regional Variances Expected

Investors will turn their attention to smaller capital cities in 2024. Brisbane and Perth are expected to perform particularly well. Adelaide may experience a slowdown, with Melbourne and Sydney facing declines as well.

Interest Rates Stability In 2024

With improving inflation, experts predict stability in interest rates for the first six months of 2024. There is also a chance of a rate cut by the end of the year. For now, however, the possibility of a rate hike lingers, especially if inflation targets aren’t met. This could affect borrowing power but also presents a strategic window for those with solid borrowing capacities to consider entering the market before any potential rate changes introduce more competition and drive up prices.

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