The mortgage market and finance industry keep changing and fluctuating. As the years pass by, different trends emerge and change. Property trends such as price, property type and rents, government schemes, regional variances, and so on also fluctuate. People are expected to get home loans in Sydney to meet their housing needs. Many property and market experts predict changes and trends. In this blog, we will explore property trends for the year 2024 in Australia that are predicted by experts in the industry.
Increase in Property and Rent Prices
The prices of property and rents will continue to rise in 2024. It is a result of low housing supply. If you are a first-home buyer, you will face difficulties buying a home because of this low housing supply. This growth in prices is also a result of stable borrowing conditions. Because there is a lack of property for rentals, the prices of rents are expected to be high.
Growth In The Luxury Property Market
The prices of the luxury market are also expected to increase. The demand to live in Australia in huge and luxurious properties and apartments escalates in urban settings. As a result, the prices of luxury properties and rentals are estimated to soar in the year 2024. People who desire to buy luxury properties will have to pay more. However, it is a good time for those who wish to sell their luxurious properties. You can contact the best finance broker in Sydney and get good financial advice.
Variations Expected Depending On Regions
In urban and metropolitan cities in Australia, the demand for property and supply is low, which is expected to cause prices to soar in the year 2024. Also, because of this, many investors are expected to shift their attention from big to small cities in 2024. The cities that are estimated to perform well are Brisbane and Perth, while Adelaide, Melbourne and Sydney may experience a decline and slowdown.
Challenges Expected In the Construction Industry
To help people fulfil their first house dream, the government has deployed schemes such as the First Home Owner Grant. This scheme will help the people who desire to buy their first home and spur construction. You can contact the best finance broker in Sydney to understand how to apply and get the first home owner grant. It will help in reducing the housing crisis and construction challenges. However, some problems in the construction industry, such as shortage of labour, high cost of materials, etc., can slow down construction activities.
Rise In Interest Rates
Due to increased inflation, the rate of interest will continue to increase or stay at its peak. However, inflation is expected to slow down and decrease. Although this is great news, it will take time to see actual practical changes. We may change till late 2024 or early in the year 2025.
If you plan to get home loans in Sydney, consult an expert to get loans at competitive interest rates. A finance broker can also help you analyse and weigh factors that can affect your home loan eligibility. Hence, consulting a broker is essential. With so many changes in property trends 2024, contact your finance broker before searching for property.
