📊 APRIL 2024 - Real Estate Market Update
What does the latest shift in 3977's housing market mean for you as a homeowner?
If you watch the news, I don't need to tell you that there is a big scary headline being shouted about absolutely everywhere, that interest rates may very well go up later this year, rather than down. Now that has left many feeling absolutely kicked in the guts, and I've got to say, rightly so.
The silver lining though is that we are still seeing a slight rise in the median house price in postcode 3977. But also as we do know with statistics, these median house prices are impacted by the number of sales that were happening and what those houses actually were. For example, if three super upgraded, large properties sell in one month, this will skew the stats compared to another month when a wider variety of home styles may have sold.
So what we really need to look at are the actuals, which is what I do in the suburb snapshots. Now, if you get my weekly email or subscribe to my channel, you'll be very familiar with those.
So what did we see in the month of April 2024?
As a as a big picture overview, 89 houses were sold in April, which is down 32% compared to April 2023, with the median house price up by 4.6% sitting at $720,000.
More importantly though, year to date 520 houses were sold. Now that is up 1.7% on this time last year, while the overall median house price compared to this time last year is up 3.2% sitting at $722,500.
That all sounds OK, right? But there is a number that we really need to add into this picture, and that is the number of properties that end up not actually selling.
I ran a report at the start of this month and it told me that in the past 90 days more than 400 properties had been withdrawn from sale across our post code.
Now, even if we allow for some inaccuracies in reporting, which is more than likely, even if we say this number is 300 or even 200, that is telling us clearly and pretty loudly that there is still a gap between the price the sellers want and the price buyers are willing to pay, which is all completely normal in shifting and uncertain markets.
And it does take a while for this sentiment to level out.
So who are the winners right now?
Well, the winners are the buyers who are able to get themselves into the market for the very first time. You are definitely going to be winning out of this. And sellers who have a really good grasp on what the changeover gap means and how to use it to their advantage.
If you've got questions, or want to find out what the changeover gap looks like for your situation get in touch! CLICK HERE