Hi ,
Last year, when wondering what might happen to
property prices and interest rates during 2024, a ride in Doc and Marty's DeLorean could have been needed... or possibly a tag-along along with the Time Traveler's Wife. But although Eric Bana's a Melburnian, I don't think we'll need his time-travelling assistance after all.
We're confident the
Victorian property market will trend upwards in 2024. Of course it's always ticking over as people are always buying and selling due to life's certainties... death, divorce and downsizing. These sorts of life-impacting things cause people to buy and sell houses no matter what is happening with interest rates, property prices or the economy.
But as interest rates appear to have peaked and decreases are predicted, we can expect to see better conditions for buyers this year.
The Australia-wide problem of housing affordability and accessibility will no doubt continue. The proportion of household income required
to service a new mortgage at the end of 2023 was a staggering 46.2% and it’s now taking an average of ten years to save a 20% house deposit.
But we expect interest rate drops will improve this situation and inject a little ray of sunshine into the hearts and wallets of Melbourne's home buyers and
investors.