Australian House Price Growth Seen ‘Muted’ in 2024, Oxford Says
- Home prices are forecast to grow 2.7% nationally this year
- A shortage of places to live will keep a floor under prices
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Australia’s housing market is at an inflection point as the factors that boosted prices to record highs last year are now starting to fade, according to Oxford Economics, which expects 2024 to be softer for property prices.
The company forecasts home price growth of 2.7% nationally in 2024, Maree Kilroy, senior economist at Oxford Economics Australia, wrote in a research note on Monday. That compares with an 8.1% surge in 2023, according to property consultancy CoreLogic Inc.