Discover the hottest property trends for 2024 with these expert insights
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In the ever-shifting sands of the Australian property market, 2024 promises new trends influenced by economic challenges and buyer strategies. Renowned Compare the Market Property Expert, Andrew Winter, sheds light on what the industry can expect, offering a forecast that leans towards optimism rather than doom.
“We’re headed towards a correction, not a crash,” asserts Winter. This reveals a housing market treading choppy waters with a blend of high land values and escalating building costs, rather than plummeting towards disaster. As construction costs soar, the established home market balance is preserved, ensuring building persists: “That’s not going to happen… but a general crash, no,” Winter emphasizes.
In response to stringent market conditions, hopeful homeowners are pivoting to alternative routes to secure their slice of the Australian dream.
Turnkey homes are surging in popularity, an antidote to renovation chaos, spiked costs, and scare. “Whether it’s an older property fully renovated or newer property, turnkey homes are more on trend now than ever before,” says Winter. Buy-ready properties offer buyers certainty and a straightforward move-in solution that’s appealing amidst current instability.
Rent-vesting is tipped to retain its allure for budget-conscious property seekers unwilling to compromise on location. Winter observes: “Rentvesting is a viable option for some, but it’s even better if you can buy a home that you’d like to live in.” He cautions about the potential drawbacks of not being an owner-occupier, which include missing out on amenities, higher loan costs, and capital gains tax implications.
Yet, for those priced out of coveted locales, the key may lie in suburb “dupes”—neighboring areas that closely mirror desired suburbs without the hefty price tag. Aspiring buyers “could save themselves almost a million dollars by looking just a few kilometers down the road,” Winter advises, pointing to the drastic price differences visible in suburbs such as Ivanhoe versus Heidelberg West in Melbourne.
Winter also suggests first-home buyers capitalize on government concessions and the Federal Government’s Help to Buy program, reinforcing the mentality: “It’s not about timing the market—it’s about finding the right time for you.”
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As 2024 looms on the horizon, industry participants and house hunters alike have insightful trends to monitor and strategic moves to consider, courtesy of Andrew Winter’s real estate acumen.