The balance between rising interest rates and the persistent shortfall in housing has led to an increase in property prices across Australia throughout 2023 and into the early months of 2024. According to Oxford Economics Australia’s Residential Property Prospects report, a component of their new ResRadar service, this trend is expected to intensify from 2025 onwards, fuelled by anticipated interest rate reductions and ongoing housing shortages.
The report says demand, however, has remained robust, leading to a broadened escalation in property prices across different markets and price ranges. The combined capital city median price for dwellings rose by 1.5% quarter-over-quarter to $946,000 in the final quarter of 2023, with notable contributions from Perth, Adelaide, and Brisbane.
Extract – Property Buzz 8/4/24