Confused about buying a house

1
Confused About Buying a House?

• The Australian housing market is a significant
  part of the nations wealth. According to the
  Australian Bureau of Statistics (ABS), as of late
  2023, the residential property market was valued
  at 10.4 trillion.
• Get financial advice at Nfinity financials.
  Market Recovery and Growth
• After a slump in 2022, the housing market
  rebounded in 2023. Despite several interest rate
  hikes that pushed the cash rate to a ten-year
  high of 4.35, real estate values increased
  nationwide.
• Factors Influencing the Market
• Experts believe the market's resilience is due to
  the limited availability of new homes and strong
  demand from population growth. These factors have
  cushioned the market from the negative impacts of
  rising interest rates and high housing costs.
• 2024 Predictions
• Economists are divided on the real estate
  markets outlook for 2024 due to uncertainty
  about whether the cash rate has peaked and when
  it might decline. Current predictions suggest
  that national house prices will rise by 5 to 7
  in 2024. Expected increases in median house
  prices include
• Sydney 7 to 9
• Brisbane and Adelaide 7 to 8
• Perth 6 to 7
• Canberra 3 to 5
• Melbourne and Hobart 2 to 4
• Impact of Interest Rates
• A potential reduction in interest rates could
  boost consumer confidence and housing demand. If
  rates decline in late 2024, housing activity is
  likely to increase.

2

• Are Australian Houses Overpriced?
• Australian house prices are high compared to
  average salaries. A survey by Demographia
  International found that Australias property
  market is among the most expensive in the world.
  Factors like population growth, economic
  conditions, and government incentives have all
  influenced prices.
• Expert Opinions
• Shane Oliver, chief economist at AMP, noted that
  housing prices are about 30 higher than what
  Australians can afford based on borrowing
  capacity. This highlights the affordability
  challenge for average income earners.
• Key Drivers of Property Prices
• Several factors influence property prices
• Affordability and Interest Rates Despite high
  interest rates, property values have remained
  strong. Future rate cuts could improve
  affordability and drive prices higher.
• Demand and Supply Housing shortages and strong
  demand continue to push prices up.
• Consumer Confidence Financial security and
  employment prospects heavily influence housing
  decisions.
• Economic Climate Overall economic health,
  including GDP growth and employment rates,
  affects property values.
• Population Growth Increasing population drives
  housing demand, contributing to rising costs and
  rental shortages.
• Credit Availability Easier access to credit
  boosts housing demand.
• Investor Sentiments Positive investor sentiment
  can drive property prices up, while negative
  sentiment can cause price drops.
• Government Incentives Policies and incentives
  significantly impact market dynamics.
• Long-Term Forecast (2025-2030)

3

• Strategic Real Estate Guidance Create a property
  plan that aligns with your family's future.
• Buyers Agency Services Leverage our market
  expertise to find investment-quality properties
  or your dream home.
• Wealth Advisory Receive tailored financial
  planning and wealth management advice.
• Property Management Maximize your returns with
  stress-free property management services.
• Whether youre new to property investing or a
  seasoned pro, our holistic approach ensures
  youre well-supported during these dynamic times.
  For more insights or to schedule a consultation,
  visit our website or call us at 1300 GET LOAN.