The forecast attributes this upward trajectory to a combination of factors, including tax cuts, substantial population growth, and challenges in housing supply.
Australian housing prices are predicted to increase in the next year, though at a slower pace than in 2023, driven by tax cuts, robust population growth, and sluggish housing supply.
In November 2023, property prices achieved new all-time highs, marking the 11th consecutive month of continuous increases.
PropTrack’s director of economic research, Cameron Kusher, anticipates ongoing trends from 2023 will drive price growth in the coming year despite higher interest rates affecting borrowing capacities and housing affordability.
“The volume of stock available for sale remained at persistently low levels while buyer demand also increased significantly, fuelled by a housing shortage and strong population growth,” he explained.
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