While most of the world began a new year on January 1, not so many Chinese and billions of other Asian residents around the world who flew into 2024 this week.

The Chinese New Year (CNY) of the Dragon began on February 10 and will give China a 15-day holiday - including seven days off work - to remember and celebrate this special animal.

Adding to the roar and flame of the new year celebrations is the dragon's significance as the only mythical creature among the tradition's 12 zodiac periods

The yang - rather than yin - creature is renowned for being one of good fortune, auspicious power, confidence and strength.

Making the 2024 Chinese New Year particularly special is the fact that the last Wooden Dragon period occurred in 1964.

But while 2024 is already glowing with such encouraging positivity, the question remains: will the dragon breathe fire back into the property market?

(Some) clawed power to continue

With its expectations of hope and prosperity, the 2023 Chinese New Year of the Rabbit denoted hare-raising success for the property market - including international buyers and sellers.

Certainly, last year began well in this way with pandemic borders finally opening to Chinese travellers, along with students, in March 2023.

Federal Government data in September showed these returners were now Australia's second-largest inbound traveller market.

Visitor arrival surpassed 50% of pre-pandemic levels for the first time in July when Australia welcomed 79,040 visitors.

This Chinese New Year fortnight has also long been a popular time for Chinese travellers to come to Australia and buy property, as well as visit friends and family.

Yet the force of the 2023 traveller return, and those of other new immigrants, has resulted in a continued leviathan devour of the housing market - and an almost mythical flight upwards of house and rental prices.

The cash rate has also roared upwards with 13 increases recorded between 2022-2023, bringing the current figure to 4.35% this month.

In short, the 2023 adjustments and corrections of the property market are expected to fly onwards in 2024, according to industry experts.

Winged plans can survive flames

Yet make no mistake: there's a reason the 2024 Dragon is regarded with more esteem and awe than any other CNY animal with its active, resilient energy, confidence and power rarely defeated.

Indeed, dragons' clawed power is regarded as so exceptional in Chinese culture and imagination that many Asian families will organise children's birth dates to occur in a dragon year.

So, think like the dragon - and this year's Wooden Dragon in particular - when considering your property options in 2024.

These particular creatures flame with decisiveness, high business perceptiveness and competitiveness as well as a drive and motivation to put ideas into practice.

Don't forget too, that the property market's ability to defy expectations in the 2023 yin rabbit market had even Australia's top experts scampering in surprise.

So, 2024 need not be a monstrous one for you and your property plans.

(Some) flames to become embers

For a start, the Consumer Price Index (CPI), or inflation rate, has flown down from its mountain peak of 7.8% in December 2022 to 4.1% in the 12 months to the December 2023 quarter.

This is its lowest point in two years and is down from 5.4% in the September quarter.

And, while still not the lowest lair that the Reserve Bank of Australia would like, this trend has helped the cash rate to pause in recent months to a figure of 4.35%.

NB: if this figure still seems too high, remember that firstly, it's only a small coal when compared to the 7.25% figure of 2008 or that of 17.5% in 1990.

As well, the recent upward scales have been the first since 2011.

Both trends result in the potential for encouraging flights in the 2024 property market, with Property Update's Michael Yardney noting last month that they will lessen the tight claws holding back consumer confidence.

As immigration continues, along with low supply, strong demand, and limited construction, markets- although obviously fragmented - will also continue their upward climb.

This is excellent news for homeowners, vendors and property investors.

Investors will also enjoy continued soaring rental cash in their pockets as vacancy rates drop further 

Talking investment: revised Stage 3 tax cuts could also see a swathe of high-income earners join this market with the plan of breathing fire on their taxable income - or simply to enjoy the magic of more borrowing capacity.

One thing’s for sure: with the Wooden Dragon at the property market's back, anything is possible.

The Chinese New Year holiday (also known as the Lunar New Year or Spring Festival) ends on the night of the next full moon - February 24 – which is marked by the traditional Lantern Festival.

We're here to help

Whatever home loan road you wish to take in the Chinese New Year of the Dragon, Listing Loop can help you.

As Australia's leading marketplace for off-market, pre-market listings and more, you'll be ahead of the buyer competition before you even start the purchasing process.

Happy New Year of the Dragon!