Home ownership has always been hallowed ground for citizens chasing the ‘Australian dream’.

The bricks and mortar foundations of owning property remain a powerful driving force in our cultural desire to possess a little patch to call home – whether that’s a house, a town house or an apartment.

While rising housing prices over the last few decades have put that out of reach for many young people, a bright future does exist in how Australia is addressing housing solutions for the next generation.

Throughout the life cycle, it’s often independence that we seek – young people wanting their own space as they build their careers and start their families, for seniors and retirees it’s still the desire for their own place, but one that offers low maintenance freedom.

Property developer Obaid Naqebullah has been instrumental in delivering many of the newest housing options in bayside, having created more than 30 development projects in suburbs such as Hampton, Highett, Brighton and Moorabbin. 

Some of those apartments including those at Moor are at a price point that’s attractive for both first home buyers and downsizers, with 2-bedroom apartments at $600,000. 

“To have buying options in that price category with a new unit creates opportunity for a bright future in a desirable suburb,” says Moor developer, Obaid Naqebullah.

While there are some families prepared to move to the growth corridors more than 50km from the city, many residents are keen to stay close to family and friends and create next generation living where they were raised themselves.  

If you’re close to supermarkets, train stations, shopping, parks and in the catchment zone for esteemed schools, that’s a positive trend that keeps people connected to their community.

With America announcing its first rate cut in September 2024 – a substantial 50 basis point cut by the Federal Reserve – there’s positive financial signals that inflation has come into target, and borrowers might finally get some mortgage relief.

Financial institutions such as Goldman Sachs believe the rate cut will create confidence in the market, reduce the cost of capital and improve market activity into 2025.

Australia might soon follow in dropping interest rates according to local economists and banks with Commonwealth Bank tipping the first cut to come in December, Westpac predicting a cut in Feb 2025 and NAB betting on a rate cut by May.

Property developers like Obaid Naqebullah believe there’s a bright future ahead for property development and housing affordability if Australian financial markets are expecting four cuts to the cash rate in the next 12 months.