The top 7 trends for 2024 borrowers

After a turbulent 12 months, 2024 is shaping up to be another challenging year for Aussies looking to obtain a mortgage and those already servicing one. Despite 12 rate rises, inflation remains stubborn and isn’t expected to fall to the RBA’s intended range of 2-3% until 2025. Parts of the housing market remain as robust as ever, with prices for standalone homes steadily increasing due to fierce competition and low stock levels.

This scarcity of housing combined with a construction industry in distress are major factors that are pushing more first home buyers into making the jump. However, tightened lending means these buyers are more restricted in their options than they were a few years ago.

With that in mind, here are some of the key trends to watch for in the mortgage industry in 2024:

First home buyers head for the fringes

Sydney’s property market continues to soar to new heights, with house and unit prices growing further out of reach for most first home buyers. Even with a healthy budget of $800,000 – the price cap for buyers taking advantage of the government’s first home loan deposit scheme – buyers are priced out of most of Sydney’s suburbs. Currently figures show the median price of a unit in Sydney is $817,059 while median house prices sit at an eye-watering $1,333,985. To stay within budget, first home buyers would need to search for properties on the city’s fringes on the west, south-west and as far as the Blue Mountains.

First homebuyers may have to consider properties on the city fringes. Image: Getty

Singles are being hit hard

Singles in Sydney are facing formidable challenges when it comes to entering the property market. For the most part, property prices in Sydney show no sign of falling which presents a major barrier for those on a single income. Limited housing affordability coupled with stringent lending criteria and the high cost of living further compounds the issue.

Many singles find themselves struggling to save for a substantial deposit, and even with the Federal government’s first home loan deposit scheme and the NSW government’s waiving of stamp duty among other concessions, buying property as a single is still difficult thanks to most properties exceeding the price cap for government assistance.

Female homeowners on the rise

The rise of female homeownership reflects the country’s rapidly changing economic and social dynamics. According to census data, 35% of all households in NSW are single households. Single parent households have reached unprecedented highs. Empowered by increased financial independence and the growing emphasis on gender equality, women are no longer solely reliant on men when it comes to property ownership. CoreLogic reports that women currently own 26.8% of Australian property, with 35.7% of apartments in the hands of female owners.

Divorce trends also play a role in this change as women increasingly have the means and motivation to buy out their male partner’s share in marital property settlements. Additionally, more women are pursuing homeownership independently, heralding a broader transformation of the property market as greater numbers of women aspire to invest in real estate.

Second marriages’ effect on home ownership

Second marriages often bring complex issues regarding home ownership, especially when safeguarding assets is a priority. For individuals entering into second marriages, protecting investments or previous family homes for their existing children is a major consideration. In these cases, it’s common for couples to keep ownership of such properties separate to ensure they are inherited by their respective children rather than being factored into the new marital union.

When it comes to purchasing new marital homes, couples often enter the property market with clear financial agreements in place. These agreements ensure that the financial contributions of both partners are explicitly recognised, adequately reflect the financial realities and priorities of their second union and ensure that the new home is equitably shared. In the context of mortgages and property ownership, the importance of effective financial planning and communication when blending households in second marriages can’t be understated.

Appetite for new builds remains dampened

The appetite for new builds in Australia continues to be subdued primarily due to a variety of factors that have left many prospective homeowners cautious about embarking on new construction projects. With construction companies folding left, right, and centre, potential homeowners are understandably apprehensive about building their new home.

With uncertain timelines, cost overruns due to the rising price of building materials, and labour shortages to contend with, many Aussies are instead opting for existing properties or considering alternative measures like renovating as a more secure and predictable pathway to homeownership.

Residential construction rates will remain low in 2024.

Cash is king

Whether they accumulated cash through savings during the pandemic or are sitting on extra dough through the sales of investment properties, an increasing number of Australians are poised to buy into the market in cash. Data shows that 1 in 4 property purchases in Australia’s three most populous states are cash purchases.

Undeterred by high interest rates, these buyers are a formidable force in the property market. Consisting of downsizing Boomers and international buyers, this cohort could potentially price out buyers who rely on mortgage financing, intensifying competition for the most desirable properties and possibly driving property prices even higher.

Mortgage sideliners

A growing group of individuals often referred to as “mortgage sideliners” are sitting in the wings for longer and longer as they await more favourable market conditions. For these potential homebuyers the increasing unaffordability of homes coupled with tighter lending requirements is a major barrier to entry. Mortgage sideliners hope for a market correction and for interest rates to fall before making their move. While they continue to monitor the market for the right opportunity, mortgage sideliners risk the current market spiralling even further out of reach as a low interest rate period is sure to spark more competition for desirable properties.

Two Red Shoes founder Rebecca Jarrett-Dalton

Rebecca Jarrett-Dalton is founder of mortgage broker, Two Red Shoes

Australia’s wealthiest donors are becoming more strategic, more ambitious and increasingly focused on creating measurable impact, according to Sydney Children’s Hospitals Foundation chief executive Kristina Keneally.

Speaking after the 2026 Gold Dinner, held last week in Sydney, Keneally said Australia was experiencing a significant shift in how major philanthropy is viewed, with large-scale giving increasingly part of conversations about leadership, legacy and social impact.

The annual Gold Dinner, now in its 29th year, brought together some of the country’s most influential business leaders, philanthropists and cultural figures, raising $75.5 million and counting in support of the Sydney Children’s Hospitals Network.

While the event has become one of Australia’s most prestigious fundraising gatherings, Keneally said its significance extends far beyond a single evening.

“Gold Dinner, the flagship event of Sydney Children’s Hospitals Foundation, represents far more than a single evening. It is a powerful demonstration of what a committed community can achieve together over 12 months,” she said.

“The strength of that community, and the trust built over nearly three decades, means people return not just for the event, but for the impact they know it delivers.”

A NEW ERA OF PHILANTHROPY

Large-scale philanthropy has long been a feature of American society, where charitable foundations and major donors often play a prominent role in funding medical research, education and social programs.

Keneally believes Australia is moving in a similar direction.

“Australia is building a stronger culture of large-scale philanthropy, but it is still evolving compared to the United States, where giving at scale is more deeply embedded and widely recognised,” she said.

She said the country’s philanthropic landscape was becoming more sophisticated as successful business leaders increasingly sought opportunities to create meaningful change through their giving.

“In Australia, while generosity has always been strong, large-scale giving has historically been less visible, but that is changing rapidly as more leaders embrace philanthropy as a powerful way to drive meaningful outcomes.”

According to Keneally, events such as the Gold Dinner are helping reshape public perceptions of philanthropy by demonstrating the tangible outcomes that major donations can achieve.

“Gold Dinner is helping to reshape how philanthropy is perceived in Australia, making it more visible, more aspirational and more connected to real-world outcomes,” she said.

WHERE THE MONEY GOES

The funds raised through Gold Dinner support clinical care, research and innovation across the Sydney Children’s Hospitals Network.

Over the past 12 months, more than $75.5 million has been raised to help fund advanced medical equipment, innovative care models and world-leading medical research. Areas of focus include precision medicine and early diagnosis, where emerging technologies are already changing how childhood illnesses are detected and treated.

Keneally said the impact is felt directly by children and families facing some of the most difficult moments of their lives.

“For children and families, this translates into very real and immediate impact. It means faster diagnoses, earlier access to life-saving treatments, and care that is more personalised and effective,” she said.

“It also ensures hospitals are equipped not just to respond to illness, but to reimagine what care can look like, giving children the best possible chance not only to survive, but to live full, healthy lives.”

BUSINESS LEADERS BACKING CHANGE

One of the defining characteristics of Gold Dinner is the calibre of its supporters.

The event has evolved into a meeting point for influential leaders from business, culture and philanthropy, many of whom see charitable giving as an extension of their professional and personal legacy.

“It speaks to a community that is not only generous, but increasingly ambitious in how it gives, combining influence, expertise and purpose to achieve outcomes at scale,” Keneally said.

Among the major supporters of this year’s event were Presenting Partner, John-Paul Nassif Foundation; Major Partners, ABC Bullion, Shaw and Partners Financial Services and One Circular Quay by Lendlease; and Premier Partner, Range Rover, whose ongoing support reflects a shared philosophy of legacy and long-term impact.

The evening also featured performances, premium hospitality experiences and fundraising initiatives designed to encourage further support for children’s health services and research.

LOOKING BEYOND NEW HOSPITALS

With major new children’s hospital developments at Randwick and Westmead progressing, Keneally said the focus is increasingly turning towards what comes next.

“The long-term vision is to ensure every child has access to world-leading healthcare, care that continues to evolve through innovation, research and global collaboration,” she said.

The foundation’s future priorities include accelerating medical discovery, expanding access to cutting-edge treatments and helping position New South Wales as a global leader in children’s health.

Keneally said the Gold Dinner remains central to achieving those ambitions because it does more than raise money.

“Gold Dinner is critical to making that vision possible. It not only provides significant funding, but also unites a powerful network of supporters who are driving the future of philanthropy in Australia,” she said.

As Australia’s culture of philanthropy continues to mature, Keneally believes that the network will play an increasingly important role in shaping the future of healthcare for generations to come.

“The result is a community that is helping to shape the future of paediatric care, not just for today’s patients, but for generations to come.”