Greener Homes, Living Alone And Ongoing Rate Pain
Ray White’s chief economist outlines her predictions for housing market trends in 2024
2 min
Ray White’s chief economist, Nerida Conisbee says property price growth will continue next year and mortgage holders will need to “survive until 2025” amid expectations of higher interest rates for longer.
Ms Conisbee said strong population growth and a housing supply shortage combatted the impact of rising interest rates in 2023, leading to unusually strong price growth during a rate hiking cycle. The latest CoreLogic data shows home values have increased by more than 10 percent in the year to date in Sydney, Brisbane and Perth. Among the regional markets, price growth has been strongest in regional South Australia with 8.6 percent growth and regional Queensland at 6.9 percent growth.
“As interest rates head close to peak, it is expected that price growth will continue. At this point, housing supply remains extremely low and many people that would be new home buyers are being pushed into the established market,” Ms Conisbee said. “Big jumps in rents are pushing more first home buyers into the market and population growth is continuing to be strong.”
Ms Conisbee said interest rates will be higher for longer due to sticky inflation. “… we are unlikely to see a rate cut until late 2024 or early 2025. This means mortgage holders need to survive until 2025, paying far more on their home loans than they did two years ago.”
Buyers in coastal areas currently have a window of opportunity to take advantage of softer prices, Ms Conisbee said. “Look out for beach house bargains over summer but you need to move quick. In many beachside holiday destinations, we saw a sharp rise in properties for sale and a corresponding fall in prices. This was driven by many pandemic driven holiday home purchases coming back on to the market.”
3 key housing market trends for 2024
Here are three of Ms Conisbee’s predictions for the key housing market trends of 2024.
Luxury apartment market to soar
Ms Conisbee said the types of apartments being built have changed dramatically amid more people choosing to live in apartments longer-term and Australia’s ageing population downsizing. “Demand is increasing for much larger, higher quality, more expensive developments. This has resulted in the most expensive apartments in Australia seeing price increases more than double those of an average priced apartment. This year, fewer apartments being built, growing population and a desire to live in some of Australia’s most sought-after inner urban areas will lead to a boom in luxury apartment demand.”
Homes to become even greener
The rising costs of energy and the health impacts of heat are two new factors driving interest in green homes, Ms Conisbee said. “Having a greener home utilising solar and batteries makes it cheaper to run air conditioning, heaters and pool pumps. We are heading into a particularly hot summer and having homes that are difficult to cool down makes them far more dangerous for the elderly and very young.”
More people living alone
For some time now, long-term social changes such as delayed marriage and an ageing population have led to more people living alone. However, Ms Conisbee points out that the pandemic also showed that many people prefer to live alone for lifestyle reasons. “Shorter term, the pandemic has shown that given the chance, many people prefer to live alone with a record increase in single-person households during the time. This trend may influence housing preferences, with a potential rise in demand for smaller dwellings and properties catering to individuals rather than traditional family units.”
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Award-winning landscape designer Jamie Durie has completed “Growing Home,” an eco-focused residence that balances sustainability, comfort and style.
2 min
Award-winning landscape designer and television host Jamie Durie has completed building his eco-friendly dream home on Sydney’s northern beaches.
Over a three-year journey, Durie and his partner Ameka Jane created what they call “Growing Home,” designed to prove that sustainability doesn’t have to mean sacrificing comfort or style.
The five-level residence includes five bedrooms, a gym, an office, landscaped gardens and an infinity swimming pool.
“The house is full of eco-innovation like our state-of-the-art geothermal heating and cooling system, this combined with our Solar system gives us the ability to be ‘grid independent’,” Durie said.
“Every element in this house has been engineered to serve a purpose – whether it’s saving energy, providing healthier air, or a greater connection to nature, the house was designed to be healthy for our family and the environment.”
Set on a steep 37-degree slope surrounded by native spotted gums, the home’s design responds closely to its environment.
“Building on a site like this means every decision has to respect the landscape,” Durie said. “It’s not just about fitting the house onto the land, but making sure the land feels part of the home.”
Large windows and open-plan spaces encourage airflow and blur the boundary between indoors and outdoors.
“We wanted the house to feel connected to the landscape through natural materials, textures, and light,” he added. “It’s about creating a calm, grounded space where we can grow as a family.”
Durie chose Bradford Gold High Performance insulation to help maintain stable temperatures, reducing reliance on artificial heating and cooling.
“Every detail in the home needed to elevate our quality of life and respect the environment,” he said. “With Bradford’s products, we’re able to create spaces that are peaceful, energy-efficient, and functional without sacrificing style.”
Other features include Luxaflex Duette Shades, crafted from 95% recycled materials, designed to regulate temperature while adding comfort and privacy.
“It’s not just about insulation,” Durie explained, “but about creating spaces that feel cosy and considered, no matter the time of year.”
Curved interior walls made possible with Gyprock Flexible add flow between spaces, while high-density Gyprock was used to reduce sound transmission.
“It’s all about layering softness and light,” Durie said of the use of Luxaflex® sheer curtains throughout the home. “The sheers run like waves along the track, wrapping the room in a way that feels both open and intimate.”
Outdoor living was another focus, with a patio leading to the pool and shaded by motorised Luxaflex Nordic Folding Arm Awnings.
“We knew we’d be spending a lot of time outside,” Durie said, “so it was important to have a solution that could handle Australia’s unpredictable weather.”
Durie describes the project as more than just a build, but an example of sustainable design in action.
“This project is about showing that sustainable design isn’t just possible – it’s beautiful,” he said.
“It’s about how thoughtful design and innovative products can make a house not just a home, but a legacy. Building smarter, creating homes that feel good to live in, and respecting the environment along the way.”
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