Buyers’ budgets are being stretched to their limits, but any interest rate cuts next year may change that.
Australian house prices are tipped to rise by as much as 6 per cent next year if interest rates are cut, new forecasts reveal.
While Sydney house and unit prices are expected to grow in line with the national forecasts, Melbourne would be slightly weaker with 3 per cent to 5 per cent house price growth. But Melbourne units prices will be weaker still, forecast to either hold steady or fall as much as 2 per cent. Domain chief of research and economics Dr Nicola Powell said the property market in 2025 would be a year of two halves.“What we are anticipating is the easing in the pace of growth,” Powell said. “Prices are already losing momentum, and we’re expecting that to flow on in 2025.
“If the aggressive increases in inflation are in the rearview and the cash rate is reduced, coupled with rising sentiment and Australians are feeling better about the overall economic outlook, that will be a catalyst in bringing buyers back to market.”
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