Market Update. Consumer behaviour created a year of two halves within the housing market. The first half was marked by a scarcity of new listings from spring 2022, fueling buyer competition and resulting in steep price increases. Many prospective sellers adopted a cautious approach, deffering decisions to buy to see if they could find the depth of the downturn and see how high inflation and interest rates would rise. John Athis | 0413 433 098 The 2023 property market took us all by surprise. We entered the year with forecasts predicting that interest rates would keep going up, and they did, and house prices would keep softening and they didn’t. The subdued listing environment collided with increasing demand driven by population growth, smaller households, tight rentals, low unemployment, and slowly rising wages. The property market's outlook is uncertain, balancing supply shortages, population growth, and sustained high interest rates. Affordability will temper price growth, with an anticipated interest rate cut in the second half of 2024.
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