AMP Capital Chief Economist Shane Oliver says the housing market has experienced a “messy cycle” to cap off 2023.
The heat seems to be out of the Australian housing market for the moment, and the interest rate hikes by the Reserve Bank last year may be having an effect.
“Through the second half (of 2024), as interest rates start coming down from the Reserve Bank, it should start to support the property market again and then start to see a reinvigorated upswing,” Mr Oliver told Sky News Australia.
CoreLogic’s latest data shows Melbourne house price values declined 0.3 per cent in December.
Sydney home values stabilised with a monthly growth of just 0.2 per cent.
Most of Sydney’s 11 per cent annual growth occurred at the beginning of last year.
(SKY NEWS)
