Insights and Predictions
The real estate market is always a topic of great interest, especially when it comes to predicting future trends. In a recent live event, I shared valuable insights on the future of property prices in 2024. I have just recently posted a video on my Youtube channel which speaks to where I think the property market is going in 2024.
If you haven’t had the chance to take a look here. Check it out below. Otherwise read on as I give some insight into what I spoke about.
Understanding the Property Market Cycle
Brisbane: A Market in Stagnation
- Current State: Brisbane is currently experiencing a stagnation period. This means that property prices are relatively stable, with some areas experiencing slight increases or decreases.
- Future Prediction: It is anticipated that by the end of 2024, Brisbane will start to see overall growth. Some areas are already exiting their stagnation phase and entering a growth period, expected to last 2 to 3 years, potentially longer due to construction delays and high interest rates.
- Investment Tip: The current market offers good buying opportunities in Brisbane. Lower competition allows for better deals, making it an ideal time for strategic investments.
Sydney and Melbourne: A Prolonged Stagnation
- Current Trend: Both Sydney and Melbourne appear to be riding a longer wave of stagnation, with no significant growth in most areas.
- Market Analysis: High property prices and interest rates affect affordability, impacting the market dynamics.
- Investors: Caution is advised when investing in these markets. Look for areas with restricted supply or artificial growth due to developers’ pricing strategies.
Perth: Approaching the End of a Growth Cycle
- Market Status: Perth’s property market is nearing the end of its growth cycle but still has potential for about 12 months.
- Investor’s Guide: Be selective in property choices as the market is competitive and overpriced in some areas.
Adelaide: The End of a Boom
- Market Phase: Adelaide is transitioning from a boom to a stagnation phase, with most booming areas having peaked.
- Investment Strategy: Choose properties wisely, focusing on areas still experiencing growth.
Canberra: A Regional Market Facing Challenges
- Current Scenario: Canberra’s market, though smaller, is seeing rising distress listings and an increase in overall listings, indicating a potential stagnation or downturn.
- Investor’s Caution: The market’s dependency on government employment makes it volatile and similar to a mining town in terms of economic fluctuations.
Final Thoughts
As we approach 2024, the property market presents both challenges and opportunities. Understanding the cycle of each major city is crucial for making informed investment decisions.
Remember, the property market is influenced by various factors including economic conditions, government policies, and local market dynamics. Staying abreast of these changes and adapting your strategy accordingly can help you make the most of the opportunities that come your way.
Thanks for reading! Keep an eye on the property market trends, and here’s to making wise and profitable investments in 2024!
If you’re interested in property, check out my free training, right here.