The situation is a counter-weight to the International Monetary Fund findings that the country’s owners have the highest levels of mortgage stress in the developed world. Aussies spend 15 per cent of their income paying off a home loan.
Australian Conveyancer magazine, released today, reveals the pleasure and pain that came in a year of ‘highs’ in the national property industry.
Magazine link:
Australian Conveyancer edition four - The year interest rates came knocking by trisearch - Issuu
The key takeaways in multi-dimensional coverage include:
- The RBA’s official home loan cash rate of 4.35% - a 12-year high – is having a stablising effect on Australia’s rate of inflation, bringing hope of relief in 2024.
- A cut in interest rates in 2024 would spark demand and create another home price upswing.
- An Australian Property Council survey reports high confidence among industry professionals.
- Sydney’s northwestern outskirts are favoured by buyers seeking value, more space, and tranquillity.
- Perth’s average home price growth was the highest in Australia at 12.7%, ahead of a national average of 5.4%.
- Sydney’s median house price was $1.36m in 2023 – the highest in the land ahead of a national capital city average of $919k.
- Renters in our capital cities would be financially better off if they bought the apartment they live in.
The Australian Conveyancer includes a 2024 outlook by political and business leaders. Some observations:
Reserve Bank Governor Michele Bullock:
“Whether further tightening of monetary policy is required to ensure that inflation returns to target in a reasonable time frame will depend upon the data and then evolving assessment of risks,”
Reserve Bank of Australia:
“Australian households and businesses are generally well placed to manage the impact of higher interest rates and inflation, supported by continued strength in the labour market and sizeable savings buffers.
“However, this resilience is unevenly spread. Some households and businesses are already experiencing financial stress, and the squeeze on household budgets is likely to continue to build.”
Federal Treasurer Jim Chalmers:
“We are making some welcome progress in the fight against inflation and that will determine
the future directory trajectory of interest rates.”
Australian Property Council Chief Executive Michael Zorbas:
“Construction activity expectations are generally positive across all asset classes, with the
exception of the retail and office sectors, where they slightly dipped into the negative territory.
“Expectations regarding construction activity in the retirement living sector have hit their highest mark since the December quarter of 2021.
“Likewise, expectations for residential construction are at their peak in over a year, and industrial
construction expectations have reached their highest level since the September quarter of 2022,” he said.
PropTrack economist Paul Ryan:
“With how sharply rent costs are going up, a lot of first-time buyers, I think if they can manage it, they would love to jump into home ownership just to avoid the uncertainty of rent costs over the next year or so,”
Westpac Bank:
Westpac initially predicted a stable housing market for 2023 but revised its forecast – citing strong
population growth – for national house price inflation to 7 per cent for the year 2023. It expects a further 4 per cent price rise in 2024.
About us:
It takes two weeks less time to sell a home in Australia now than it did last year, as real estate agents, property lawyers and conveyancers are busier than they have ever been keeping with the demand.
Australian Conveyancer magazine, released today, reveals the pleasure and pain that came in a year of ‘highs’ in the national property industry.
Magazine link:
The key takeaways in multi-dimensional coverage include:
-
The RBA’s official home loan cash rate of 4.35% - a 12-year high – is having a stablising effect on Australia’s rate of inflation, bringing hope of relief in 2024.
-
A cut in interest rates in 2024 would spark demand and create another home price upswing.
-
An Australian Property Council survey reports high confidence among industry professional.
-
Sydney’s northwestern outskirts are favoured by buyers seeking value, more space, and tranquillity.
-
Perth’s average home price growth was the highest in Australia at 12.7%, ahead of a national average of 5.4%.
-
Sydney’s median house price was $1.36m in 2023 – the highest in the land ahead of a national capital city average of $919k.
-
Renters in our capital cities would be financially better off if they bought the apartment they live in.
The Australian Conveyancer includes a 2024 outlook by political and business leaders. Some observations:
Reserve Bank Governor Michele Bullock:
“Whether further tightening of monetary policy is required to ensure that inflation returns to target in a reasonable time frame will depend upon the data and then evolving assessment of risks,”
Reserve Bank of Australia:
“Australian households and businesses are generally well placed to manage the impact of higher interest rates and inflation, supported by continued strength in the labour market and sizeable savings buffers.
“However, this resilience is unevenly spread. Some households and businesses are already experiencing financial stress, and the squeeze on household budgets is likely to continue to build.”
Federal Treasurer Jim Chalmers:
“We are making some welcome progress in the fight against inflation and that will determine the future directory trajectory of interest rates.”
Australian Property Council Chief Executive Michael Zorbas:
“Construction activity expectations are generally positive across all asset classes, with the exception of the retail and office sectors, where they slightly dipped into the negative territory.
“Expectations regarding construction activity in the retirement living sector have hit their highest mark since the December quarter of 2021.
“Likewise, expectations for residential construction are at their peak in over a year, and industrial construction expectations have reached their highest level since the September quarter of 2022,” he said.
PropTrack economist Paul Ryan:
“With how sharply rent costs are going up, a lot of first-time buyers, I think if they can manage it, they would love to jump into home ownership just to avoid the uncertainty of rent costs over the next year or so,”
Westpac Bank:
Westpac initially predicted a stable housing market for 2023 but revised its forecast – citing strong population growth – for national house price inflation to 7 per cent for the year 2023. It expects a further 4 per cent price rise in 2024.
Key facts:
-
The RBA’s official home loan cash rate of 4.35% - a 12-year high – is having a stablising effect on Australia’s rate of inflation, bringing hope of relief in 2024.
-
A cut in interest rates in 2024 would spark demand and create another home price upswing.
-
An Australian Property Council survey reports high confidence among industry professional.
-
Sydney’s northwestern outskirts are favoured by buyers seeking value, more space, and tranquillity.
-
Perth’s average home price growth was the highest in Australia at 12.7%, ahead of a national average of 5.4%.
-
Sydney’s median house price was $1.36m in 2023 – the highest in the land ahead of a national capital city average of $919k.
-
Renters in our capital cities would be financially better off if they bought the apartment they live in.
Media contacts:
Chris Gibbs, CEO of triSearch:
T: 0412 080 712
W: trisearch.com.au
Bio: Chris is an innovative, resilient, and results-driven CEO and General Manager with 25+ years of leadership experience encompassing Cyber security and Cloud services. Chris has experience across Sales and Marketing Strategy, Business Development, Account Strategy, Software-as-a-Service, Media, telecommunications, banking and finance, retail and manufacturing.