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Growth Tipped To Pick Up Pace

Growth Tipped To Pick Up Pace

Property prices are tipped to continue to accelerate in the second half of 2024 and into 2025.

The probability of price increases for both houses and units is high in Melbourne, Sydney and Brisbane according to an analysis done by Performance Property for Capspace.

It says with the housing shortage likely to worsen in the next two years there will be further gains in prices and rents.

It comes as the latest NAB Residential Survey for Q1, 2024 says the bank’s outlook for property prices is that they will grow by around 5% this year and 4% next year.

The survey says property professionals are becoming more confident of continuing price increases, with confidence highest in Western Australia, followed by Queensland.

CoreLogic research director, Tim Lawless, says eventually housing demand and supply will converge, driven by slowing population growth and, eventually, a ramp-up in residential construction activity.

“In the meantime, we can probably expect further upward pressure on housing values alongside a further erosion in housing affordability, even as interest rates stay higher for longer,” he says.

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