Some of the heat is finally coming out of the market’s remarkable rebound as the burden of servicing mortgages weighs more heavily on prospective buyers.
House price growth could slip below 5 per cent nationally this financial year in a marked slowdown on the gains of the past 12 months, as affordability and high borrowing costs take the edge off strong underlying demand, property experts say.Predicting a slowdown: Barrenjoey’s Jo Masters, Domain’s Nicola Powell and AMP’s Shane Oliver.
Ms Kilroy is tipping a 5.4 per cent lift in prices nationally, with most analysts polled tipping a range from about 3 per cent to as much as 6 per cent nationally.While high interest rates typically weigh on prices, that drag has been offset by tight supply, as the building industry works its way through a bottleneck of projects and
“But the delay in rate cuts and talk of rate hikes risk renewed falls in property prices, as it’s likely to cause buyers to hold back and distressed listings to rise,” he said. Dr Powell expects house prices nationally to gain between 3 per cent and 6 per cent, as Perth leads the way with up to 10 per cent growth and record prices to be achieved in a number of postcodes. By the end of the 2025 financial year, house prices are, $800,000 in Perth and hit close to $1 million in Brisbane. Soon after, by the end of the 2025 calendar year, Adelaide will also have cracked a $1 million median house price.
And even if high borrowing costs knock some first home buyers out of the market, upgraders and investors were likely to maintain strong demand, said Australian National University associate professor Ben Phillips.
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