Navigating Market Momentum: Insights from April 2024

"The biggest risk is not taking any risk”  —Mark Zuckerberg, Founder of Facebook 

This month has shown us varying market movements and some softened activity, but those connecting with the right home never cease in their certainty. We experienced some rapid buyer movements when it came to securing sales, with a total of 19 homes sold, and a number of standout rental yields for premium homes.

Here’s what you need to know about this April 2024:

Property prices in Concord rose 57% in the last four years, according to data from Real Estate Australia (REA) - an incredible figure that continues to climb by the day. Read more about the growth trend here.

Australia’s property price growth has ranked fourth in the world as data compiled by the International Monetary Fund shows that our 10% price increase since 2019 is surpassed only three other nations – the United States, the United Arab Emirates and Japan.

Sales is experiencing varied performance, but as expected, several standout properties attracting fast moving contracts always rise to the occasion no matter the environment. This month’s speedy sales include:

• 10/42 Arthur Street, Balmain: under contract within less than two hours of listing.
• 16/35 Meadow Crescent, Meadowbank and 5409/148 Ross Street, Forest Lodge: both under contract after just one open inspection.
• 18 Thorpe Avenue, Liberty Grove: secured a contract in less than a week.
• 30 Empire Avenue, Concord: sold within one week of listing.

Property owners are choosing to sell, rather than rent as a quieter rental market shifts its supply over to those looking to purchase a home. This hasn’t dampened any tenant demand, with a notable increase in the number of prospective tenants actively seeking rental properties. 

We manage and lease some very premium homes as the diversity in our property management portfolio continues to grow. This month saw a luxurious five bedroom, four bathroom family home in Concord West successfully leased at $2,250 per week, while another four bedroom, three bathroom Chiswick home with stunning water views achieved a spectacular $3,250 per week.

Sales activity may ramp up in coming months as the general perception that interest rates have peaked and will soon decrease compels buyers to secure purchases with greater urgency now, before an influx of buyers join the market once interest rates actually begin their descent trajectory.

Want to sell before the new financial year arrives? The window is open. Let’s make it happen today.