More price growth has been forecast despite crippling mortgage costs and the chance of further rate rises. 👇
Property prices are expected to continue growing across Sydney this year, potentially increasing by up to $60,000 by 2024.
Inspection numbers have been rising as low listings prompt buyers to compete for the same listings. Picture: David Swift Skyrocketing rents have also pressured more tenants to become first homebuyers, with rampant migration creating additional demand for properties. “We saw price increases despite rising interest rates and reduced borrowing capacities and anticipate moderate price increases to continue over the coming months,” he said.“The outlook for 2024 is much less clear with a large cohort of fixed-rate borrowers’ mortgages set to expire from current interest rates of around 2 per cent and reset to around 6 per cent.”
My Housing Market economist Andrew Wilson said a dramatic rise in forced sales, the kind that would push down prices, was unlikely while unemployment remained low.
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