Sydney’s housing market is expected to slow down in 2024, with price growth dropping by about four percentage points compared to this year’s 3% to 10% growth forecast.
This is a more realistic outlook than the previous prediction of an 8% price decline in 2023.
Juwai IQI’s co-founder, Daniel Ho, is optimistic about Australia’s housing market, believing it’s in better shape than some analysts suggest.
“We always found the forecast of 8% price declines in 2023 too aggressive. We’re glad to see the bears recognising reality. The Australian market is in much better shape than most analysts give it credit for,” Daniel Ho, told The Property Tribune.
In Sydney, there haven’t been many homes for sale since January, which is unusual. Also, because the Australian dollar is not as strong, people from other countries are thinking about buying property in Sydney.
25,000 Chinese students in Australian universities are now attending classes in person due to new Chinese government rules. Their parents, unable to find affordable rentals, are considering buying apartments for them remotely from China.
This development will have a positive impact on Sydney’s housing market by increasing demand.
Read more: The Property Tribune
Do you need expert assistance on real estate investment? Fill out the form below to learn how to get the most out of your investment!
