Buyer's Agents | Property Investors | Home Buyers | Adviseable

Affordable property can still be found in 2024

I am happy to say that this time last year I predicted price rises during 2023, which has come to pass even with interest rates up significantly over the past 18 months.

And the thing is, the factors that put price pressure on properties this year, are set to remain next year.

What I’m talking about is billions upon billions of dollars in major infrastructure expenditure, hundreds of thousands of new overseas migrants, as well as more buyer demand than supply of properties available in many markets around the nation.

When you add in the very real possibility that interest rates may be heading down by the tail-end of next year, you don’t need to be Einstein to work out that market conditions are looking promising for both homebuyers and investors.

Higher equity to re-use

For anyone who purchased a sound and well-located property prior to the pandemic, they are probably sitting pretty when it comes to capital growth, given property prices continue to be significantly above the level they were back then.

For those people who have purchased in the years leading up to the pandemic, this likely means they may have significant equity that can help increase their portfolio and their future financial position.

Millennials and Gen Xers aged in their mid-30s and 40s who may have been homeowners for a few years now are the prime candidates to make their equity work harder for them. 

That’s because they are likely in the prime income earning period of their lives, plus they also have plenty of time in front of them to let the magic of compounding capital growth happen.

Unfortunately, many property buyers stayed on the sidelines this year because of some alarmist predictions that never came to pass — yet again.

Now that property prices are moving upwards in many locations, it’s vital that anyone considering a property purchase doesn’t find themselves looking back with regret when they had the opportunity, and the means, to do something now. 

Affordable property locations

For homebuyers and investors on a tight budget, there are still pockets that offer prime opportunities to purchase an affordable property with good long-term prospects around the nation.

In many parts of Australia, especially our biggest capital cities, it’s extremely difficult to find a property priced under $550,000 or $600,000 – but there are suburbs where affordable homes are still available.

As buyers’ agents, we’re currently working with a range of clients where budget is a main consideration for them.

The cost-of-living crunch and the burden of higher interest rates has forced many prospective purchasers to tighten their belts.

Those active in the market face strong competition, though, with a lack of supply and a rapidly growing pool of buyers.

Finding investment-grade stock isn’t impossible, but it’s vital that investors do the required amount of due diligence or engage the services of a qualified buying expert to help them.

I look forward to continuing to help all of my lovely clients start or expand their property investment portfolios in myriad locations around the nation next year.


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