Will investors return to the market in 2024?
Over the past couple of years, investors have been somewhat absent from the property market. That’s about to change.
In 2024, we’re likely to see property investors return to the market for two reasons:
1. Stabilised interest rates
2. Increased rental returns
Rental returns have increased by about 15 – 20%. Sometimes more.
For the Crows Nest, St Leonards, Wollstonecraft and North Sydney areas in particular, the new Metro is set to attract more renters to the area – hence, more investors.
There’s also the phenomenon of rent-vestors. These are first home buyers who become investors rather than owner-occupiers. They tend to purchase a property in the city where rental returns are strong and then live in a rental property further out or in a regional area.
Despite housing development, you can expect rental returns to remain strong. There’s still a lot more demand than supply and it will take many years to even out.
In a nutshell, if you’re a property investor, 2024 is a great time to buy!