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House Check: What's changed for 2024? | Uptain
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House Check: What’s changed for 2024?

Finance

ANZ, a major bank, has adjusted its predictions for house prices in Sydney and Melbourne for 2024.

They initially anticipated higher growth rates, but the actual increase has been slower, primarily due to rising interest rates affecting these markets more than expected. Consequently, they’ve revised their forecasts downward, now expecting Sydney’s prices to rise by 4 to 5 percent (previously 6 to 7 percent) and Melbourne’s by 2 to 3 percent (previously 3 to 4 percent). On the other hand, Perth is anticipated to experience higher growth, with house prices expected to rise by 10 to 11 percent, surpassing earlier projections of 7 to 8 percent.

Additionally, ANZ predicts Adelaide to see an 8 percent increase in house prices, up from the previous forecast of 4 to 5 percent, driven by shortages in available housing leading to increased competition and price pressure. Brisbane’s forecast remains steady at 9 to 10 percent growth, and the national average is expected to be around 5 to 6 percent. Meanwhile, NAB, another major bank, has also revised its forecasts, lowering expectations for Sydney and Melbourne while upgrading those for Brisbane, Adelaide, and Perth. Despite these adjustments, there’s potential for an upside surprise in Sydney and Melbourne due to recent positive trends in auction clearance rates, indicating the possibility of higher prices in the coming months.

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