The big 4 banks predict house prices will grow by 5pc in 2024 after growing a whopping 10.4pc per cent (CoreLogic data ) in 2023!
This growth is despite the pundits predicting a dire year in 2023 and 13 rate hikes -which affected buyers serviceability and added thousands to mortgage repayments.
Why did property rise in 2023?
- the strong return of international migration
- Lack of supply resulting in a highly competitive rental market
- help from the bank of mum and dad - inheritance and generational transfer from baby boomers
- existing equity in property
- saving buffers built up during COVID-19 lockdowns.
- First home buyer grants and deals for front line workers
What do you think will happen to Sydney property prices in 2024?
So , what does Ivan Kaye from BSI finance predict ?
“The graph of Sydney property for the past 50 years shows a steady growth. There may be dips and one shouldn’t look at what happens in one year. Ivan Kaye predicts a solid return over the next 5 years of more than 20pc!
Property is not a short term investment. If you do your research, and buy well, property has been and we believe will continue to be a solid investment - especially with the ability to leverage with a 30 year loan!
For more information on rates and information about buying or refinancing a property - go to www.bsi finance.com.au
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