Market Shifts Ahead of Spring Selling Storm

“You hit home runs not by chance, but by preparation.” – Roger Maris (Baseballer)

The smooth and steady sail of August is about to break into a selling storm as we move into the flurry of September’s spring season. 

Reflecting on the month passed, the market has begun to change gears as inflation eased, annual price shifts showed where our strengths lie, and a slowing rental market provided further reprieve to those needing it most.

Here’s what you need to know this August 2024: 

House prices in some Inner West pockets have soared at least 20% in the past year - Domain’s recently released House Price Report showed a 30% increase in the suburb of Burwood, now sitting at a median of almost $3.16 million.

There’s strong sentiment the RBA’s next move will be an interest rate cut rather than rise - now that the inflation has come in only slightly above official forecasts for June, easing to 3.9% from 4% in March.

Sydney has proven to be the most lucrative Australian housing market - with a recent report showing vendors in 32 Australian suburbs pocketed more than $1 million gross profit on their property, selling for more than double the original purchase price, with Sydney leading the way.

Rental prices fell 1% across Sydney over August - seeing the sharpest monthly decline since the pandemic, in what could be considered a broader slowdown in the rental market.

We’ve now surpassed 160 sales so far this year, with a combined value of over $377M combined dollar value. Our August standouts include:

• 19 Mepunga Street, Concord West – a flawless family masterpiece achieving a new suburb record of $4.3M.
• 39 Edgewood Street, Cabarita – a stylish waterside sanctuary, sold for $2,763,100.
• 4 Cormiston Avenue, Concord – Quality bungalow charm, sold for $2,880,000.

When it comes to property management, a slowing rental market and ease in prospective tenant demand has had no impact on the exceptional yields for beautiful homes. Outstanding rentals this month include:

• A three bedroom, two bathroom Cabarita apartment with water views leased for $950 per week.
• A two bedroom Breakfast Point apartment with park views leased for $850 per week.
   

Our work family welcomed Cath Stefani as our new Trust Accountant, bringing a sharp focus on communication and numbers, along with 35 years of commanding real estate experience, while the wider team took the opportunity to tour the Children's Cancer Institute, gaining insight into the incredible research efforts we proudly support.

We’re ready to see through the final quarter of the year with even more spectacular results. Preparation has been our key focus as we edge closer to the explosive launch of a number of new property campaigns, designed to suit every need. 

It’s not too late to leverage the spring season for your sale or search, let’s plan.