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My top 3 predictions for 2024

Oktay Sengoz

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25/03/2024

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1.5 min read

Here are my top 3 predictions for interest rates, the property market and the rental market for 2024.

This is based on the information from industry professionals, media and just friends and colleagues that have their fingers on the pulse.

Prediction 1 - Interest rates will come down this year

I certainly believe the RBA will decrease the cash rate sometime in 2024. Most optimistic thought leaders say July or August, I believe it will be either September or November. I think it will take longer than July or August for the inflation numbers to decrease within the RBA’s acceptable band. There is also a risk that if the RBA cuts rates too early, that inflation may rise again.

Prediction 2 - Property prices will increase in 2024

The Sydney property market defied the odds last year and, contrary to beliefs, it increased by 11.6% on average. I believe we will see an even higher increase in house prices in 2024. Lack of stock, construction on hold over the past few years, and immigration will push prices up again. If the RBA drops rates soon enough in the year, you will see more and more investors return to the market, adding more pressure to prices.

Prediction 3 - Rents will continue to rise

Over 500,000 international immigrants were welcomed into Australia in the past 12 months. This is double the number of immigrants pre-COVID-19 times and the average. Where will all these people live? They can't buy property, so they will need to rent. Couple this with all the projects that were placed on hold by developers over the past 24 months due to a rise in construction costs, you have the perfect formula for rents to increase.

These are my predictions, I will circle back at the end of the year and see how I went. For now, if you are in the market to purchase a property this year, be prepared and confidently make offers on the property you want. Nothing beats being prepared.

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