Australians shattered property purchase records in 2024, spending $714.7 billion on homes, despite challenges posed by high interest rates and house prices. Experts warn this signals an ongoing affordability crisis unlikely to be solved by imminent rate cuts. While strong employment and population growth fueled demand, experts highlight the concerning trend of ever-increasing spending required to enter the Australian housing market.
Australians spent the most money ever buying property last year despite higher-for-longer interest rates and high house prices.
High volumes of properties changed hands in relatively affordable, first home buyer-oriented, outer suburbs – home to significant new development. “Becoming unemployed is the No.1 risk event that can prevent people from buying a home and/or being able to service their mortgage.” Oliver said if interest rates fell – he predicted a cut in February – and the jobs market remained reasonably robust, high total spending on property could probably continue.
PROPERTY PRICES HOUSING AFFORDABILITY INTEREST RATES ECONOMY AUSTRALIA
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