What we know about the 2024 market so far

Being in the real estate industry, we always find it so interesting reading articles on the property market and how it compares to what our team are seeing.

The latest article from Domain is a great read if you are a buyer, seller or just curious on how the property market has performed in 2024 so far.

‘Australia’s property markets have had a blistering start to the year. Strong clearance rates, lifts in the number of listings, and strong buyer demand. With a cut in interest rates on the horizon either later in 2024 or early in 2025, there’s a new optimism flooding the industry.’

We tend to agree that there are lots of empty nesters selling their larger homes to downsize and help their children to purchase their first home. Investors are offloading smaller properties because although rental prices are high, the ongoing costs for landlords are also at an all-time high and hence the net returns aren’t so great.

The family home market is going particularly well with the auction clearance rate strong at generally over 70% compared to 65% this time last year. With clearance rates rising, there are more properties going to auction as vendors are feeling more confident with the process. Listings are up in Sydney by 23% with our team also seeing this in our office and around the Sutherland Shire.

On the buyer front, we are seeing properties often sell extremely fast for great prices because buyers are acting fast as they realise that when interest rates do go down there will be a lot more competition in the market.

Domain mentioned that demand has now caught up with supply, and new builds are performing particularly well. There’s been a huge shift in people now not wanting to build or do renovations because of costs and timelines and not wanting to go through that pain. 

Don’t forget our agents are always available to chat to regarding the property market, your property goals and helping you in any way we can. The Finance Co Group are available on 8004 5020 if you need to chat to a Mortgage Broker regarding your finances.

Source – Domain