Quarterly Update: Key Insights on the Shift to a Buyer’s Market

This quarter has shown us a slow build to the spring bloom, but nevertheless, the results delivered are never short of outstanding in the suburbs we service.

Reflecting on the month passed, inflation dived back within the target band of 2-3% for the first time since August 2021, and our property market moved into a zone of price growth moderation, swinging the dynamic in favour of buyers, compelling sellers to set more realistic goals.

We sold 49 properties this quarter, totalling at $105M+ in value as we connected with 2,190 buyers at inspections. As 2024 progresses, so do our performance stats, seeing:

• 176 properties sold
• $404.7M+ total sold value
• 8,947 total buyers met so far this year

When it comes to what the market is doing, here’s what you need to know this September 2024: 

We’ve entered a buyer’s market - vendor expectations should begin aligning with the market environment now displaying a major surge in new listings, lower auction clearance rates, and a leveling out of price growth, in order to secure a sale - a shift that has been labeled a buyer’s market.

Demand for granny flats has surpassed the desire for home studies - a preference reflecting the strong first home-buyer and investor market, as well as the impact of return-to-office mandates affecting many office workers.

The first RBA rate cuts likely won’t arrive until mid-2025 - with the RBA governor advising investors not to expect a rate cut anytime soon, and other economists concurring the cut likely won’t be higher than a 0.5% reduction, despite the latest significant inflation drop.

The $300B in household savings accumulated during the pandemic is gone - as new research shows many have pulled back on saving to pay for essentials amidst cost-of-living pressures, despite wanting to rebuild their financial buffers.

The rental market remains in its state of reprieve for tenants as prospective tenant numbers remained low, and vacancy rates high. The greatest tool for landlords right now is informed pricing of their investment property, ensuring that asking rent is in line with the current market. Lean on our property management expertise to assist with landing on a well-priced rental figure to see noticeably reduced days on market and much quicker leasing. 
 

Our work family has been focussed both in the office and outside of it over September, welcoming new Business Development Manager Guillaume Fumat who brings exceptional local knowledge and strategic marketing expertise to the team. Directors Dib and Steph attended the Children's Cancer Institute’s Diamond Ball where attendees raised a record breaking $1.9M, while the team took time to connect for group lunch and themed treats for R U Ok Day. out and about in the community, you may have seen us at Abbotsford Public School Election Day fair, a trivia night at the Our Lady of Assumption Primary School in North Strathfield, and Concord Giants presentation day.
 

Don’t miss us at next month’s Majors Bay Road free Halloween festival on October 31 - join us for an evening of spooky face painting, fancy dress and candy for all.