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Whatโs likely to happen with property prices next year?
Domain has forecast that national house prices will rise 5-7% and unit prices 2-4%, although results will differ from city to city (see chart).
One factor that will influence property prices is interest rates. If the Reserve Bank makes another cash rate increase, that may reduce demand; but if the Reserve Bank decreases the cash rate in late 2024, as some economists expect, that should stoke demand.
Another factor that may influence prices is the rental market. If rents keep rising throughout 2024 โ as they have for 40 consecutive months, according to CoreLogic โ some renters may push forward their plans to buy a property, which would add more demand to the property market.
Subiaco finance brokers are here to help
Interest rate rises are here, but you donโt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge. Weโll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
