Posted 1/1/2024, 1:08:38 PM
Australian Home Prices Rebound in 2023 But Growth Slows on Rate Hikes and Affordability Pressures
- Australian home prices rose 8.1% in 2023, a rebound from 5% dip in 2022
- But growth slowed in late 2023 due to higher interest rates and cost of living pressures
- Sydney prices up 11.1%, but still below January 2022 peak; other cities saw double-digit growth
- Affordability challenges, more housing stock, low confidence expected to limit price growth in early 2024
- Rate cuts could help revive demand in second half of 2024 if inflation continues to ease