Australia’s median property price will increase 2-5% this year, with prices expected to rise in most capital cities, according to PropTrack forecasts.
PropTrack director of economic research Cameron Kusher said the strength of the housing market was surprising, given that most commentators had previously expected prices would fall during 2023.
Looking ahead, Mr Kusher said it was hard to know whether prices would continue rising in 2024.
“It’s starting to look like interest rates might be close to their peak, but if interest rates were to be cut next year, people would be able to borrow more and that would bid up prices. Alternatively, if they stay higher for longer and we do get that additional supply of housing coming to the market, then prices could start to fall again,” he said.
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