Will Prices Keep Rising?
The stark imbalance between housing supply and demand is tipped to continue driving up property prices in 2024.
Domain’s End of Year Report says the market has already overcome 13 cash rate increases and a cost of living crisis to keep rising in 2023.
Chief of research and economics, Dr Nicola Powell, predicts house prices across the combined capital cities will lift another 6% to 8% in 2024. And she forecasts regional prices rises between 2% and 5%.
Powell says Sydney’s prices will grow between 7% and 9%, Brisbane and Adelaide, will be between 7% and 8%, Perth, 6% to 7%, Canberra 3% to 5% and Melbourne and Hobart, will be between 2% and 4%.
“Unprecedented post-COVID migration and population growth will continue to send shock waves through the property market as a booming population looks for a place to live,” Powell says.
“It will continue to exert extraordinary upward price pressures on the property market.”
