Crystal Balling the Gold Coast Property Market Predictions 2024
Grant explains it all in our latest video. Press play for insights or read more below!
Remember those headlines in early 2022, predicting a property market crash? They stemmed from the Reserve Bank of Australia’s (RBA) sharp interest rate hikes after a period of historic lows. But let’s talk about what really happened, especially with a focus on the Gold Coast property market predictions for 2024.
In the latter half of 2022 and into early 2023, we saw property prices ‘soften’ – a polite way of saying they decreased. After soaring by nearly 25% during the pandemic, Sydney’s median home values took a nosedive, dropping by almost 15% throughout 2022. Despite this drop, the market didn’t collapse. In fact, in the second half of 2023, we’ve seen prices stabilise and even rise in some areas. This stability, I believe, is largely due to limited stock, fuelling competition among buyers. This trend is something to watch in the Gold Coast property market predictions for 2024.
So, what’s my take on the Gold Coast property market predictions for 2024? It’s a complex puzzle, but let me share my thoughts.
We need to look at the economic cycle and the likely scenario for 2024. The RBA might be winding down its rate hikes, but don’t expect rates to plummet anytime soon. They’ll probably hover high until late 2024, only dropping if inflation falls within the RBA’s comfort zone.
But don’t hold your breath for a return to 2021’s interest rates, not in this decade. We might see a slight dip from the current 4.35% to around 3.5%. And if the Christmas retail sales and discretionary spending remain robust, the RBA might just hike rates one last time in early 2024.
Yet, there’s a silver lining. With inflation hopefully on the decline and interest rates steadying, I’m optimistic we’ll see more activity in the property market. Positive economic indicators tend to boost people’s confidence, which, in turn, can energise property transactions and prices. This could be a significant factor in the Gold Coast property market predictions for 2024.
Another key driver for a robust Australian property market, especially in major eastern cities like the Gold Coast, is the expected influx of over 700,000 new residents in the next couple of years. The Federal Government predicts 1.5 million net overseas arrivals by 2027. Most of these newcomers will initially rent, but this will eventually ripple through the market, affecting demand and stock levels.
To sum up, my prediction for the Gold Coast property market predictions in 2024? I foresee a steady, albeit slow, strengthening. But remember, there’s no single ‘Australian Property Market’. Australia’s property landscape is diverse, with each market having its own characteristics. So, when considering a purchase, research your specific area thoroughly. It’s a fascinating time in real estate and keeping a pulse on these trends is key to making informed decisions.
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