What will happen to the market in 2024
As we step into 2024, the property market is shrouded in a veil of uncertainty, with predictions ranging from a potential decrease of 3% to a hopeful surge of 7% in prices. However, the market’s fate seems to be intertwined with global events beyond our control, particularly in regions like Ukraine and the Middle East, adding an extra layer of unpredictability.
In Australia, the persistent issue of a critical housing shortage continues to cast a long shadow over the market. Despite efforts to address the shortage, a quick resolution appears unlikely, leaving the property landscape vulnerable to fluctuations. The market’s trajectory will hinge on a delicate balance of various factors, including employment rates, interest rates, the looming mortgage cliff, wage growth, listing supply, and the stability of the currency.
One of the pivotal elements influencing the property market’s direction is the intricate interplay of these variables. The confluence of these factors creates a landscape where forecasting becomes an intricate puzzle, and certainty about the market’s outcome demands a level of bravery few possess. As investors and homeowners navigate through the intricate web of economic indicators and global events, the only certainty remains the uncertainty that defines the property market in 2024.