Experts unveil how different SA3 regions will perform. Subdued levels of price growth have been forecast. Elevated demand to remain a prominent feature of the market.
Sydney house price forecasts issued earlier this month predicted a moderation of home values across 2024. While home values are expected to grow between 3% and 10% by the end of this year, Sydney dwelling prices are expected to see growth drop by about four percentage points next year.
“We always found the forecast of 8% price declines in 2023 too aggressive. We’re glad to see the bears recognising reality. The Australian market is in much better shape than most analysts give it credit for,” Juwai IQI co-founder and group managing director, Daniel Ho, told The Property Tribune.
Property expert and buyer’s agent, Lloyd Edge echoed the sentiment, telling us:
“I was not surprised to see many of the major banks backflip and revise their price forecasts, with National Australia Bank (NAB) revising their original prediction of a 4% decline for home values to ending 2023 with a 4.7% increase in home values.”
Lloyd Edge, Aus Property Professionals
“There is a lot of strength still in the property markets, despite the rising cost of living, and the uncertainty on where interest rates will land. We haven’t even hit spring yet, where we expect more stock on the market and increased activity with buyers wanting to close a deal before Christmas. There is a lot of international migration to the capital cities which is putting more fuel in the already hot property markets.”
PropTrack’s Sydney forecast was for between 3% and 6% dwelling value growth for December 2023, and