Back in December of 2022, when inflation had peaked at 7.8%, the Reserve Bank of Australia (RBA) did not forecast our most recent inflation figures (3.4% ABS) to be achieved until well into 2025. The RBA then revised this forecast in November 2023, at that point they anticipated a decline to 3.5% by the end of 2024, 10 months from now... Whilst our reliance and trust in the information provided to consumers by the RBA may contradict each other more often than not.
Throughout economic and market turbulence, cost of living pressures, and consumer confidence uncertainty, there is one thing that still, and always will ring true. There is never a bad time to buy property. With a steady decline in key CPI (Consumer Price Index) categories such as meat & seafood, fruit & veg, and gas; we find some immediate relief in the daily cost of living pressures. However, for property investors there are also immediate gains. Rents have, and are expected to remain, on a balanced incline. Combined with the steady growth in housing prices and the consistent ease in inflation, investors are on track for a positive end to 2024.
For both new and existing investors, these economic indicators continue to support a reduction in interest rates coming around sooner rather than later. Although the RBA will not be meeting again until May 7th 2024, by then we will have another month of inflation data, likely again, contradicting historical RBA communications and monetary policy decision making. February Data (Proptrak) confirms a new record month in house prices nationally with the largest monthly rise since October 2023.
The first few months of 2024 have showed increased volumes of listings, auctions and auctions clearance rates. Smaller capital cities in Australia are maintaining double digit price growth and capital cities are back to outperforming the regional areas. Like we said before, There is never a bad time to buy property.
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