House prices blew the top off economists’ expectations in 2023, and it could happen again this year, at least at the upper end of the market.

While rising interest rates and the eye-wateringly large gap between households’ borrowing capacity and dwelling sale prices has economists tipping only moderate price increases this year, the story on the ground is about cashed-up, wealthy Australians buying $5 million-plus houses for themselves, their children or grandchildren.