📊 FEBRUARY 2024 - Real Estate Market Update
Can you believe we are already into the 3rd Month of 2024?? Crazy huh…
So how’s the market?
Well if you think the roadworks around here are unpredictable, they ain’t got nothing on some of the craziness in real estate land.
What do I mean by that?
Well you know how it’s a bit like roulette guessing which road will be closed next and how long it will take to get to where you’re going, this is a little bit what it’s like launching properties to the market right now - it will all be better once it’s done but the “how” and “when” it will happen is all a little bit of a mystery bag at the very beginning.
For those of you who are statistically minded… There were 91 houses sold in February 2024 which is down 30% on Feb last year, while the median house price for postcode 3977 compared to the same time is actually UP 10% sitting at $740,000.
Now, reporting what has sold is one thing, but the most important key indicator we are looking at right now is how many homes are coming on to the market, and if you’ve been paying attention to my weekly email you will know that this is a number that is rising each and every week so far in 2024. As of this morning (March 6th 2024) my search reveals there are currently 2,027 active sales listings in postcode 3977 and in the past month just 124 properties have been reported as sold.
Now I don’t mean to alarm anyone with this stat, but being aware of what is happening is key not just when we are forecasting conditions, but also if you are considering selling yourself!
So what do we expect to see in the short term?
Economically it’s looking as stable as we could ask for right now with all indications being that interest rates will hold steady in the short term being very unlikely that we will need or get a further rate rise which is making it a little easier to get buyers over the line but the current rates are still capping what can be borrowed.
As previously predicted we are seeing a rise in the number of homes coming up for sale and it’s looking like this will continue, but the good news is that buyers are still active however they are more cautious and considered before committing and putting in offers, so the agents are having to get smart and strategic about how they communicate with these buyers to nurse them through the offer process with confidence.
OK Crystal ball time 🔮
While all expectations were that we would not see any rate cuts until very late this year, don’t be surprised if we see or at least hear rumblings of rate adjustments as early as May this year. That would be a welcome move for many, but what does it have to do with my crystal ball? Attitude shift… buyers will come out with swagger and the market will prepare for it’s next run.
Now if you’re thinking of selling in 2024 I can see you sitting there right now thinking this is your sign to wait… but if you’re selling to buy again that may not always be your best plan of action. In just the past week I’ve had numerous conversations with home owners who are going to be making a move - some sooner than others, but what I do know is this… it’s never too early to have the conversation about what going to market in 2024 looks like and what may be required preparation-wise to get the outcome you’re aiming for.
So if you’re planning to make your move anytime in 2024 let’s start that conversation now and get you hitting the market fully prepared and confident when the time comes.