📊 June 2024 Real Estate Update: Ignore the mainstream media!! ⚠️
Ignore the mainstream media and keep reading to see what is ACTUALLY going on in the 3977 real estate market!
You know by now I'm a data geek and putting together these videos for you every month means I'm on top of all things data - supply / demand / results and each month I break this down for you into the simplest possible terms and let me tell you sometimes I do sit for a while scratching my head to make sense of it compared to the headlines in the news, so it's any wonder there is confusion out there with both homeowners and buyers alike.
So with what we are seeing on the ground is there a predictable pattern? Definitely yes! With the reserve bank meeting 6 weekly instead of monthly we are seeing periods of stability for 4 weeks with the weekends either side of the reserve bank meetings being noticeably lower in the turn out of buyers at inspections and logically that makes sense! Before the meeting they are waiting to see what happens and afterward they are checking back in with their broker or bank to confirm budgets and timelines.
The not so great pattern that we are seeing creep back is low price guides. Now, this can either be agents and sellers "forecasting" what they "think" the market "might" do, or more likely it's to drum up enough interest with lower numbers of buyers out shopping. Either way it is a double-edged sword as to whether it is a good thing or even if it is a successful strategy for the seller.
What is very clear is that agents and sellers really do need to be on the same page with pricing AND strategy. I recently had a property where we had to test out a few different strategies before we were able to get sold and oddly enough the move that worked was to put the price UP!! Yep - sounds crazy and it wasn't what my seller client was expecting me to ask them to do but it worked! Listening to the market, buyer feedback, and transparently keeping the seller informed every step of the way lead to the trust to try something a little bit left of centre and the sold sticker and happy client was the result.
Now for the stats... let’s see what happened in the 3977 market in June 2024.
There were 107 houses were sold in June which is down 16% compared to June 2023, with the median house price up by 1.7% sitting at $725,000 which is a slowing of growth from last months data.
But... Year to date 847 houses were sold which is up 6.6% on this time last year - while the overall the median house price compared to this time last year is up 3.5% it is still sitting at the same as last month at $725,000.
That’s if for the June 2024 market wrap - I'll see you again next month but if you have any real estate needs in the meantime give me a buzz - Jo Mooney - 0407 344 011