THE PROPERTY MARKET FORECAST: WHAT TO EXPECT IN 2024
As 2023 comes to a close, homeowners and potential buyers alike are pondering what the next year holds for the property market.
Both Australia and New Zealand have seen their fair share of fluctuations, and as we step into 2024, there are various factors at play that could shape the market landscape. Here’s a comprehensive forecast to guide you through what to expect.
Interest Rates
The discussion around interest rates never truly goes away, and for good reason. Current projections suggest a gradual decrease in rates in New Zealand from 5.25 per cent to 4.25 per cent in 2025. For Australia, an Australian Financial Review survey of 42 economists suggests the RBA will likely cut rates in August 2024.
Property Values
Stable growth is expected in property values across major cities and regional areas. Sydney and Melbourne are likely to remain hotspots, but don't discount smaller cities like Adelaide, Hobart, and Wellington. These cities offer excellent value for money and often come with lifestyle perks like shorter commute times and a sense of community. Regional areas, in particular, are expected to continue their ascent in popularity, thanks to the remote work trend and the search for a quieter life.
Sustainability
Green living is more than just a buzzword; it's becoming a significant factor in property valuation. Features like solar panels, rainwater harvesting systems, and energy-efficient designs add tangible value to a property. Given the increased awareness and governmental incentives around sustainability, investing in eco-friendly upgrades could pay off considerably in the long run.
Technology and Digitalisation
The property market is not immune to the sweeping changes brought about by technology. Virtual property tours and smart home features are increasingly becoming the norm rather than the exception, and blockchain transactions are getting closer to adoption throughout the property industry.
Property Types and Trends
The transition from pandemic life has left its mark on what homeowners and buyers are looking for in a property. Larger homes with dedicated workspaces and outdoor areas continue to be in high demand. However, smaller apartments and townhouses in well-connected areas are also seeing a surge, especially among younger, first-time buyers and investors.
Government Policies
Keep an eye on government policies and subsidies that may affect the property market. First-home buyer grants, stamp duty waivers, and other financial incentives can dramatically affect buying trends and property values. Being well-informed about these can give you a strategic advantage whether you're buying, selling, or holding.
Investment Opportunities
With the property market showing signs of stability and growth, 2024 could be an ideal time for investment. But where should you put your money? Residential properties are always a safe bet, but commercial real estate offers considerable opportunities following COVID’s impacts. Another trend to watch is the rise of co-living and co-working spaces, offering a blend of community and convenience that is particularly appealing to younger generations.
The International Factor
Global economic conditions also play a role in shaping the local property market. Trade relations, foreign investment policies, and even geopolitical tensions can have a ripple effect. Being globally aware can not only help you foresee market shifts but also provide a broader perspective when making property-related decisions.
Long-Term Perspective
While it’s important to keep an eye on current trends and forecasts, property is a long-term investment. Market conditions will ebb and flow, but a well-timed purchase or sale is only one part of a broader financial strategy. Keeping a long-term perspective can help you navigate short-term fluctuations and come out ahead in the long run.
MAXIMISING OUTDOOR SPACE FOR THE WARMER MONTHS
Ah, the sweet scent of blossoming flowers is in the air, and trees are donning their lush green attire. You know what that means—summer is almost here! Now is the perfect time to roll up your sleeves and get your outdoor space ready for the season of barbies and backyard games.
First up, consider giving your patio furniture a good scrub. Dust off the cobwebs and maybe even slap on a fresh coat of paint. Got some spare pallets? Why not get crafty and build a rustic outdoor coffee table. It's easier than you think!
Next, let's talk plants. Opt for local flora that can withstand the heat. Think about adding some hardy perennials or colourful annuals that bloom in summer. And don't forget herbs like basil and mint; they're perfect for those summer mocktails and mojitos.
If you've got the space, a BBQ area is almost a necessity. Whether it's a simple charcoal grill or a full-blown outdoor kitchen, nothing says 'summer' like the smell of food sizzling away.
Lastly, lighting can make or break your outdoor ambiance. Solar garden lights are a fantastic, eco-friendly option, and fairy lights always add a touch of magic.
PREPARING YOUR HOME FOR A FABULOUS FESTIVE SEASON
The holiday season is right around the corner, and there's no better way to embrace the magic than by decking your halls. While it may seem like a monumental task, transforming your home into a festive wonderland doesn't have to be overwhelming. Here's your comprehensive guide to creating an atmosphere that brings joy, cheer, and unforgettable memories.
The Christmas Tree: The Heart of the Home
Starting with the centrepiece of all Christmas décor—the tree. Whether you opt for a fresh pine or an artificial one, the secret lies in the decorations. Decide on a colour scheme that complements your existing interior and go all out with baubles, ribbons, and lights. If you have children, consider a decorating party to make the tree a family affair. And let's not forget the final touch—a star or angel on top to complete the look.
Wreaths: A Twist on Tradition
For those looking for something a bit unique, why not try a homemade wreath? Using materials like pinecones, cinnamon sticks, and even Christmas ornaments, you can create a wreath that's as individual as you are. And they're not just for front doors; consider hanging them on windows, fireplaces, or even as wall décor to add a festive feel throughout your home.
Table Settings: Where Feast Meets Elegance
The Christmas feast is a highlight of the season, and your table setting should reflect that. Think elegant tablecloths or runners, festive centrepieces, and of course, candles to set the mood. Place cards add a touch of formality, while Christmas crackers are a must-have for that quintessential holiday pop. For a truly magical atmosphere, consider a small bouquet of fresh flowers or even a bowl of seasonal fruit like cherries or peaches.
Outdoor Décor: Let Your Home Shine Bright
Don't let the festive spirit be confined to your interiors. Consider illuminating your garden, patio, or balcony with twinkling lights. Solar-powered lights are an eco-friendly option, and they create an ethereal glow that's perfect for those warm summer evenings. Inflatable Santas or reindeer can add a touch of whimsy, while carefully placed lanterns or candles can create a pathway to your front door, welcoming guests in style.
The holiday season is right around the corner, and there's no better way to embrace the magic than by decking your halls. While it may seem like a monumental task, transforming your home into a festive wonderland doesn't have to be overwhelming. Here's your comprehensive guide to creating an atmosphere that brings joy, cheer, and unforgettable memories.
The Christmas Tree: The Heart of the Home
Starting with the centrepiece of all Christmas décor—the tree. Whether you opt for a fresh pine or an artificial one, the secret lies in the decorations. Decide on a colour scheme that complements your existing interior and go all out with baubles, ribbons, and lights. If you have children, consider a decorating party to make the tree a family affair. And let's not forget the final touch—a star or angel on top to complete the look.
Wreaths: A Twist on Tradition
For those looking for something a bit unique, why not try a homemade wreath? Using materials like pinecones, cinnamon sticks, and even Christmas ornaments, you can create a wreath that's as individual as you are. And they're not just for front doors; consider hanging them on windows, fireplaces, or even as wall décor to add a festive feel throughout your home.
Table Settings: Where Feast Meets Elegance
The Christmas feast is a highlight of the season, and your table setting should reflect that. Think elegant tablecloths or runners, festive centrepieces, and of course, candles to set the mood. Place cards add a touch of formality, while Christmas crackers are a must-have for that quintessential holiday pop. For a truly magical atmosphere, consider a small bouquet of fresh flowers or even a bowl of seasonal fruit like cherries or peaches.
Outdoor Décor: Let Your Home Shine Bright
Don't let the festive spirit be confined to your interiors. Consider illuminating your garden, patio, or balcony with twinkling lights. Solar-powered lights are an eco-friendly option, and they create an ethereal glow that's perfect for those warm summer evenings. Inflatable Santas or reindeer can add a touch of whimsy, while carefully placed lanterns or candles can create a pathway to your front door, welcoming guests in style.