{"id":5358,"date":"2023-12-07T09:51:34","date_gmt":"2023-12-06T23:51:34","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5358"},"modified":"2023-12-07T09:51:34","modified_gmt":"2023-12-06T23:51:34","slug":"whats-tipped-for-house-prices-in-2024","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/whats-tipped-for-house-prices-in-2024\/","title":{"rendered":"What\u2019s tipped for house prices in 2024?"},"content":{"rendered":"

\"\"If buying a home is at the top of your wish list for 2024, don\u2019t miss our rundown on how the property market has fared in 2023 \u2013 and why the new year is shaping up as potentially another big year for real estate.<\/strong><\/p>\n

As we turn the page on 2023, let\u2019s take a quick rear mirror look on how home values moved over the past 12 months.<\/p>\n

In a year that saw five official rate hikes, and a cost of living squeeze thanks to\u00a0high inflation<\/a>, home prices still jumped by\u00a07% nationally<\/a>.<\/p>\n

Several cities eclipsed those gains, with double-digit price growth in Sydney (up 10.2%), Brisbane (10.7%) and Perth (13.5%).<\/p>\n

But it wasn\u2019t just price growth that took everyone by surprise.<\/p>\n

The\u00a0speed of home sales<\/a>\u00a0was also astonishing, with plenty of suburbs in Perth, Sydney, Brisbane and Melbourne selling houses in as little as eight to 25 days on average.<\/p>\n

Will property values keep rising in 2024?<\/h3>\n

Well, higher interest rates are starting to take a little heat out of the market.<\/p>\n

According to\u00a0CoreLogic<\/a>, home values across Australia rose 0.6% in November \u2013 the smallest monthly gain since early 2023.<\/p>\n

But here\u2019s the rub.<\/p>\n

The factors that pushed prices higher in 2023 are still in place, and plenty of experts are tipping house prices will keep rising in the new year.<\/p>\n

Three factors that could drive prices higher<\/h3>\n

Three main drivers look set to support house price growth in 2024, including:<\/p>\n

1. Strong population growth:<\/strong>\u00a0Population growth is rebounding strongly, driven by high immigration levels. More people generally means more demand for housing.<\/p>\n

If you\u2019re not convinced, a\u00a0recent Domain report<\/a>\u00a0says \u201cunprecedented\u201d population growth will exert \u201cextraordinary upward price pressure\u201d on the property market.<\/p>\n

2. A housing undersupply:<\/strong>\u00a0On the supply side, we\u2019re just not building enough new homes.<\/p>\n

Australia\u2019s housing shortage made headlines through 2023, and it doesn\u2019t look like it\u2019ll get better any time soon. Building approvals for new homes are reported to be well\u00a0below average levels<\/a>.<\/p>\n

3. A rental market that\u2019s as tight as a drum:<\/strong>\u00a0Anyone looking for a rental can face an uphill battle. Vacancy rates are at record lows, making\u00a0rental conditions tough<\/a>.<\/p>\n

This could encourage more people to buy a place of their own through one of the government\u2019s low deposit buying schemes.<\/p>\n

The\u00a0First Home Guarantee scheme<\/a>\u00a0for instance, lets first home buyers get into the market with just a 5% deposit and zero lenders mortgage insurance.<\/p>\n

Price growth is expected to be (slightly) lower next year<\/h3>\n

Most experts are tipping house prices will keep rising in 2024 though maybe not at the breakneck speed seen nationally in 2023.<\/p>\n

That said, price growth won\u2019t be anything to sneeze at.<\/p>\n

Domain is\u00a0forecasting<\/a>\u00a0house prices to jump 5-7% nationally, and in each capital city by:<\/p>\n

\u2013 7-9% in Sydney
\n\u2013 2-4% in Melbourne
\n\u2013 7-8% in Brisbane
\n\u2013 6-7% in Perth
\n\u2013 7-8% in Adelaide
\n\u2013 3-5% in Canberra
\n\u2013 2-4% in Hobart<\/p>\n

The bottom line is that we could be facing another bumper year of price growth in 2024, and if buying is on your radar, it may be worth trying to buy sooner rather than later to potentially avoid paying more.<\/p>\n

So call us today to get the ball rolling on a home loan that helps you achieve your new year property goals sooner.<\/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":"

If buying a home is at the top of your wish list for 2024, don\u2019t miss our rundown on how the property market has fared in 2023 \u2013 and why the new year is shaping up as potentially another big year for real estate. As we turn the page on 2023, let\u2019s take a quick […]<\/p>\n","protected":false},"author":23,"featured_media":5359,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5358","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nWhat\u2019s tipped for house prices in 2024? · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/whats-tipped-for-house-prices-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s tipped for house prices in 2024? · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"If buying a home is at the top of your wish list for 2024, don\u2019t miss our rundown on how the property market has fared in 2023 \u2013 and why the new year is shaping up as potentially another big year for real estate. 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