{"id":5260,"date":"2023-05-25T08:43:00","date_gmt":"2023-05-24T22:43:00","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5260"},"modified":"2023-05-25T08:43:00","modified_gmt":"2023-05-24T22:43:00","slug":"is-the-property-market-starting-to-rebound","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/is-the-property-market-starting-to-rebound\/","title":{"rendered":"Is the property market starting to rebound?"},"content":{"rendered":"

\"\"Navigating the Australian property market over the past year has felt like standing on shifting sands. But is the market starting to regain stability? And if so, what can you do now to make sure you\u2019re ready to buy?<\/strong><\/p>\n

Anyone with an eye on the property and finance market over the past few years has seen their fair share of thrills and spills. It\u2019s been anything but uneventful.<\/p>\n

But with the RBA\u2019s rapid-fire rate hikes slated to peak in 2023, is there a property upswing afoot?<\/p>\n

Westpac\u2019s economists seem to think so \u2013 they\u2019re predicting that the\u00a0housing correction is winding down<\/a>. The bank forecasts that Australian property prices will grow by 5% in 2024 after stabilising throughout 2023.<\/p>\n

So this week we\u2019ve looked into data from some of Australia\u2019s leading property market and finance institutions.<\/p>\n

The big four banks\u2019 cash rate predictions<\/h3>\n

The RBA has raised the cash rate an eye-watering 11 times in 12 months, with the official rate reaching 3.85% in May 2023.<\/p>\n

Understandably, this has made some would-be buyers gun-shy when it comes to pulling the trigger on applying for a home loan and buying a house.<\/p>\n

But Australia\u2019s four major banks have tipped that 2023\/2024 could see the cash rate start to decline. Here\u2019s what they\u2019re each predicting:<\/p>\n

Commonwealth Bank:<\/strong>\u00a0peak of 3.85% reached, and will drop to 2.60% by August 2024.<\/p>\n

Westpac:<\/strong>\u00a0peak of 3.85% reached, and will drop to 2.10% by May 2025.<\/p>\n

NAB:<\/strong>\u00a0peak of 3.85% reached, and will drop again in 2024.<\/p>\n

ANZ:<\/strong>\u00a0peak of 4.10% by August 2023, then will drop to 3.85% by November 2024.<\/p>\n

So, whichever financial institution you choose to listen to, it looks like we\u2019ve either reached the cash rate peak, or are very close to it. And what goes up must (hopefully) come down.<\/p>\n

Property prices are back on the move<\/h3>\n

In 2022 we saw national property prices take a small, but not insignificant, hit.<\/p>\n

In response, sellers started waiting it out for a better price, creating a slim-pickings situation for house hunters.<\/p>\n

However, Property Investment Professionals of Australia (PIPA) chair Nicola McDougall has stated that\u00a0property prices look to be stabilising<\/a>, partly due to the low volume of housing stock for sale.<\/p>\n

Meanwhile,\u00a0CoreLogic data<\/a>\u00a0shows that the three months to April marked the first quarterly boost to national property values since this time last year, with a 1% rise.<\/p>\n

Why is this good news if you\u2019re looking to buy? Well, hopefully you\u2019ll soon have more suitable housing options to choose from as owners start to list again.<\/p>\n

And with interest rates predicted to decline in 2023\/2024, getting prepared now could put you in good stead to buy when the time is right.<\/p>\n

Give us a call today<\/h3>\n

With all the above in mind, getting your pre-approved finance in place now could have you primed to pounce on your ideal home ahead of the next property market upswing.<\/p>\n

And if you don\u2019t think your deposit is quite there just yet, keep in mind that a new round of the federal government\u2019s low deposit, no lenders mortgage schemes are set to become available from July 1, which can help first home buyers, regional buyers and single parents crack the market 5-years sooner, on average.<\/p>\n

If you\u2019d like to find out more, get in touch today and we can run you through your options and help arrange your finances.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Navigating the Australian property market over the past year has felt like standing on shifting sands. But is the market starting to regain stability? And if so, what can you do now to make sure you\u2019re ready to buy? 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