July 13, 2024

Vagmare.com

The Intersection of Information and Insight

What will 2024 bring to the Australian property market?

4 min read

2023 has been a year of paradoxes in the Australian property market.

Defying predictions and economic indicators, house prices not only resisted the expected downturn but escalated to new heights.

This phenomenon left many market observers puzzled, sparking a crucial question:

How did property prices manage to climb amidst a backdrop of rising interest rates and economic uncertainty?

The 2023 surprise: rising prices in a challenging climate

Early forecasts for 2023 painted a picture of increasing interest rates leading to a softening housing market.

Reality, however, took a different course.

Despite the Reserve Bank of Australia’s aggressive rate hikes (13 in the past 18 months, including five this year), lifting the cash rate from 0.1% to 4.35%, house and unit prices continued their upward trajectory.

This resilience was particularly evident in certain cities, which saw some of their most significant price gains in recent years.

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