{"id":12853,"date":"2024-01-25T13:00:42","date_gmt":"2024-01-25T02:00:42","guid":{"rendered":"https:\/\/mortgagebrokernearme.com.au\/?p=12853"},"modified":"2024-01-25T13:00:43","modified_gmt":"2024-01-25T02:00:43","slug":"sydneys-property-market-poised-for-strong-growth-in-2024-economists-predict-rising-house-prices-amid-supply-shortages","status":"publish","type":"post","link":"https:\/\/mortgagebrokernearme.com.au\/sydneys-property-market-poised-for-strong-growth-in-2024-economists-predict-rising-house-prices-amid-supply-shortages\/","title":{"rendered":"Sydney’s Property Market Poised for Strong Growth in 2024: Economists Predict Rising House Prices Amid Supply Shortages"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

The Sydney property market is poised for continued growth in 2024, with several factors contributing to this trend. Here’s a summary with linked references for further reading:<\/p>\n\n\n\n

Predictions of House Price Rise<\/strong>: <\/h3>\n\n\n\n

Economists from major banks forecast a 3-5% rise in house prices in 2024. This growth is largely due to a persistent lack of housing supply. Despite potential interest rate hikes, the property market is expected to remain robust. The Commonwealth Bank of Australia (CBA) specifically anticipates a 5% growth across Australia in 2024, with Sydney’s house prices rising by 4% and Melbourne\u2019s by 5%. The strong rental market and the shortage of housing supply are key factors underpinning this growth (The Sydney Morning Herald<\/a>).<\/p>\n\n\n\n

Growth Over the Next Three Years: <\/h3>\n\n\n\n

Sydney house prices are projected to increase by about 16% over the next three years, as noted by Oxford Economics Australia. This growth is expected to be driven by anticipated interest rate cuts and a growing shortage of housing stock. Interestingly, units in Sydney are predicted to outperform detached homes, with an increase of over 23% in their values over the same period (The Australian Financial Review<\/a>).<\/p>\n\n\n\n

Sydney Leading the National Market<\/strong>: <\/h3>\n\n\n\n

Currently, Sydney is seen as the strongest market in Australia, surpassing Perth in terms of positive sales activity rankings. The city has shown significant recovery, especially in 2023, with a notable rise in both house and apartment prices. The imbalance between supply and demand, including shortages in listed properties, new dwellings, and rental homes, has been a major contributing factor to this trend. CoreLogic Home Value Index reported a 12.1% rise in house prices to date, which is the highest in the country (Canstar<\/a>).<\/p>\n\n\n\n

These reports collectively indicate a robust and growing Sydney property market for 2024, buoyed by factors like interest rate trends, housing supply shortages, and a strong rental market.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Sydney property market is poised for continued growth in 2024, with several factors contributing to this trend. Here’s a summary with linked references for further reading: Predictions of House Price Rise: Economists from major banks forecast a 3-5% rise in house prices in 2024. 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