Time immemorial, demand and supply remains a fundamental component of property price movement. What a willing person is prepared to pay for a property matched against a willing seller’s desire to let it go.
With more buyers than sellers, a property should achieve growth.
Yes, there are other determining factors which may influence the value of a property – people movement, population changes, infrastructure needs and availability are very important.
The cost of borrowing money helps make a decision whether to buy or invest. However, this is a short term variable. For example, people need accommodation. No matter what the interest rate is, if they need a home, they need a home.