📊 NOVEMBER 2024 - REAL ESTATE UPDATE
November 2024 Real Estate Market Update for Postcode 3977: What’s on the Horizon for 2025?
The real estate market in postcode 3977 is closing out 2024 with steady performance and some intriguing shifts that could shape the coming year. Whether you’re buying, selling, or just keeping tabs on the market, understanding these trends is key to making informed decisions. Let’s dive into the latest stats and what they might mean for you.
November 2024 Snapshot
In November, 125 homes were sold in postcode 3977, marking an 8.5% increase in the median price compared to November 2023. Year-to-date, 1,950 homes have sold—a 14% increase from the previous year. The median price now sits at $705,000, up a modest 2.9%.
While the year’s growth remains below the historical 5-6% annual average, this plateau may reflect broader economic adjustments as the market finds its post-pandemic footing.
Back to "Normal"?
Comparing today’s numbers to pre-pandemic benchmarks, the market has exceeded 2019’s sales figures, when 1,833 homes sold year-to-date. However, with interest rates expected to remain stable or even increase in early 2025 and new listings on the rise, the road ahead is anything but predictable.
What Does This Mean for You?
Here’s how these trends could impact different types of buyers and sellers:
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First-Home Buyers
If you’ve been waiting for prices to drop, the data suggests it might not happen. Instead, prices appear poised for gradual upward movement. Steady conditions and current pricing make now an ideal time to secure your first home. -
Selling to Buy Again
If you plan to sell your current home and upgrade or downsize, listing early in 2025 could be a strategic move. You’ll have the chance to maximize your sale price while exploring a broader range of new options. -
Selling an Investment or Your Final Property
If you have flexibility, waiting for potential interest rate cuts later in 2025 could result in higher sale prices. However, it’s important to consult your accountant to understand any potential tax implications before making your decision.
Looking Ahead to 2025
With 2024 nearly behind us, 2025 brings both opportunities and challenges for buyers and sellers in postcode 3977. Staying informed about market trends and consulting with a trusted advisor can help you navigate these shifts confidently.
As always, if you have questions or need guidance, I’m here to help. Thank you for being part of my real estate journey this year. I’m looking forward to sharing more insights with you in 2025!
Wishing you a joyful Christmas and a fantastic New Year!
Jo Mooney
📞 0407 344 011