Sydney & Melbourne housing prices set to fall
Sydney and Melbourne housing prices are projected to experience a modest decline in the 2024 national housing market, according to SQM Research’s annual update, Christopher’s Housing Boom and Bust Report 2024.
Luke is joined by Louis Christopher, Managing Director of SQM Research, who explains the overall national forecast suggests a range of -1% to 3% change in average dwelling prices.
Perth and Brisbane are expected to see price increases, driven by a recovering Chinese economy boosting demand for commodities like Iron Ore.
However, other regions in Australia may face a housing correction due to declining affordability, driven by rising interest rates and a slower economy. Sydney, Melbourne, Canberra, and Hobart are anticipated to undergo a modest to moderate correction, while Adelaide and Darwin are expected to remain stable or experience a minor rise/correction.
Download this podcast here