Property prices in **Australia** predicted to **fall** by **20%** by 2024 - worst-case scenario

IconCrypto News Terminal23 Apr, 2024

cryptonews.jpg

Property prices in **Australia** predicted to **fall** by **20%** by 2024 - worst-case scenario

**Property prices in Australia are forecast to fall by 20% by 2024 in a worst-case scenario, according to a new report by global real estate services firm JLL.** The report, titled "The Future of Australian Real Estate," analyzes the potential impact of a number of factors on the Australian property market, including rising interest rates, declining consumer confidence, and a slowdown in population growth. **Key findings of the report include:** * **Property prices are expected to fall by 5% to 10% in 2023, and by a further 10% to 20% in 2024.** * **The decline in prices will be most pronounced in Sydney and Melbourne, where prices are already high and affordability is a major issue.** * **The falls in prices will be driven by a number of factors, including rising interest rates, declining consumer confidence, and a slowdown in population growth.** Previously on 23 April 2024, Australia’s property prices to fall by 15% by 2025.

Related News