Pittwater Life Febraury 2024 Issue

Hot Property
Hot Property
Property: What’s in store in 2024?
Although many buyers
have found property
more expensive than a
year ago, experts predict cost of
living pressures will keep housing
prices in check in 2024.
According to the latest
Domain House Price Report, released
last month, the Northern
Beaches median house price
rose by 13 per cent in the 12
months to December last year –
from $2.3m to $2.5m.
Limited stock and demand
from cashed-up buyers who
were not as sensitive to interest
rate changes had supported
the market, Domain chief of research
and economics Dr Nicola
Powell said.
“These are buyers that are
active, less sensitive to interest
rates, they’re supported by family
members, family wealth, or
they are owner-occupiers that
are well established, and they
are less sensitive to the cost of
debt,” she said.
But growth is likely to be at
a slower pace as affordability
constraints bite, with Dr Powell
forecasting Sydney house prices
to rise between 7 and 9 per cent
this year, compared to a 10.6
per cent climb last year.
“It could almost be a year of
two halves,” Dr Powell added.
“We will see a much more modest
pace of growth this year
until we see changes in borrowing
capacity.
“With Stage 3 tax cuts and
then the prospect of cash rate
cuts, these are things that could
drive positive sentiment, housing
activity and therefore price
growth,” she said.
AT THE DOUBLE: Pretty in pink at 104 Iluka Rd; a more relaxing retreat at 106.
Offloading neighbouring properties at Snapperman Beach
LJ Hooker Palm Beach agents David and BJ Edwards
are handling the sales of the neighbouring
waterfront properties at 104 and 106 Iluka
Road owned by “Australia’s richest garbo” Ian
Malouf.
Malouf, who made his fortune in the waste
and recycling industry before turning his hand to
superyacht company Ahoy Club, snapped up a
third property on the same beachfront with a $40
million guide a little over 12 months ago.
Embracing its mid-century roots, the vibrant
holiday home ‘Gidget’ channels a fun yet luxe
Palm Springs vibe with bold colour, plush carpets
and whimsical wallpaper throughout.
Entertainment is at the forefront of 104 Iluka
Rd which boasts two stunning bars, a Sonos
CoreLogic expects “a milder
outcome” for housing values in
2024. According to the Core-
Logic Home Value Index report
released last month, slower
growth towards the end of 2023
suggested home values might
not climb as swiftly this year.
“The trajectory of interest
rates through 2024 will be a
key factor influencing housing
trends,” said CoreLogic’s
research director Tim Lawless.
“Although another cash rate
hike can’t be completely ruled
out, the trend towards lower
inflation, weakening economic
conditions amid low consumption,
and a loosening labour
market suggests another rate
hike is looking increasingly
unlikely.
Lawless said a reduction in
the cash rate target through
2024 could help to “re-stoke
demand” later in the year.
sound system, a two-oven bright pink kitchen
(above left) and multiple zones for chilling out
and play (cue the giant yellow outdoor slide
from the top floor verandah). It has five uniquely
styled bedrooms, four baths, parking for four
cars and a large, gated driveway.
The neighbouring property at 106 is more
restrained, presented in calming whites with
hints of greys and blues. The living, family and
dining areas flow across the lower level and out
towards the entertaining deck. The second storey
functions as a quiet “sleep zone” – with five
bedrooms and three bathrooms. The top-floor
retreat (above right) includes lounge and terrace
plus additional bedroom. High ceilings and full
width glass frame the views.
“Even if interest rates do
come down later in this year,
credit availability is likely to
remain relatively tight.”
PropTrack’s Home Price Index
Report released in December
observed “… home prices have
proved remarkably resilient
over 2023, however several factors
are curtailing the pace of
growth” – namely interest rates
and a reduction in the amount a
buyer can borrow.– Lisa Offord
42 FEBRUARY 2024
The Local Voice Since 1991