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Uncertainty over the timing of the rate cut is driving more homeowners to downsize to reduce debt, which is adding competitive pressure to this segment of the housing market, according to experts.
Worsening affordability for houses, tight supply in the high density housing sector and increased first-home buyer demand could fuel upturn in the sector.
The accepted wisdom that an apartment is a stepping stone to buying a house is being called into question by high house prices and lacklustre capital gains for units.
Buyers are piling into open homes earlier than usual, anticipating tighter competition ahead if rates are cut later this year.
Homebuyers could have a rare chance to snag a good deal in early 2024 across Sydney and Melbourne, but the opportunity won’t last, property experts say.