Brunswick Blog

As we delve into the heart of the 2024 Real Estate selling season, the landscape presents promising signs of activity. January and February 2024 marked a notable surge in sales, surpassing figures from the same period in 2023. This upward trend is complemented by the timely decline in inflation rates, a development that prompted the Reserve Bank of Australia (RBA) to maintain the cash rate at 4.35%, aligning with expectations.

Anticipation mounts for potential interest rate adjustments throughout the year, fueling optimism within the market. Already, this prospect has sparked heightened buyer interest, amidst persistently low levels of available inventory, setting the stage for opportune property listings.

Auctions remain a robust avenue, particularly for properties exceeding the $1M & 1.5M mark, echoing a continued demand for spacious family residences. Notably, 80% of properties priced between $300,000 and $800,000 are finding their way into the hands of first home buyers, largely through private sales. It's worth noting that first home buyer contracts now commonly include standard 14-day clauses, allowing for due diligence regarding finance and building inspections.

For properties falling within this price range, opting for the private sale method presents a strategic advantage in reaching and engaging with the primary target audience effectively.

In addition to these promising market indicators, it is crucial to acknowledge the broader trends shaping the real estate landscape. Despite unprecedented RBA interest rate hikes in 2023, the Melbourne property market showcased resilience.

While initially experiencing a knee-jerk reaction, characterised by a brief dip lasting approximately nine weeks, the market swiftly stabilised. This resilience, coupled with limited available inventory and a significant influx of buyers, contributed to a positive conclusion to 2023.

Looking ahead to 2024, the outlook remains bright. With inflation levels down to approximately 4% and major economists predicting forthcoming interest rate cuts, Melbourne's property market is poised for further prosperity.

Currently, the marketplace presents an even playing field for both buyers and sellers—This is a rarity in the marketplace as the past two decades have been dominated by a seller-centric market. Now is the opportune moment for buyers to take advantage.

It's essential to recognise that when the real-estate market bounces back, it happens with speed. With a blink of an eye those who opted not to buy will look back on the past 12-18 months and wish they seized their opportunity in 2022/2023. The current variations and dips we are experiencing within the market occur over the course of decades, and it’s these opportune times where buyers should pounce. As the market continues its upward trajectory, those strategic buyers who are vigilantly watching these fluctuations closely are the ones who will reap substantial rewards.

With over 30 years of extensive experience in real estate and as the Managing Director of Raine & Horne, Brunswick, I am committed to navigating these market dynamics alongside you. Our track record of defying market tides and guiding our clients success speaks volumes about our expertise and dedication.

Whether you're considering selling, buying, or seeking further guidance on the current market, I am here to guide you towards your real-estate goals.

30+ Years of Real Estate Expertise |  Meet Our Award Winning Sales & Leasing Collective, Raine & Horne, Brunswick