The most asked questions: Is the market going to rise or fall? What’s happening with interest rates? When is best to sell? Once upon a time, real estate agents could utilise experience, annual and seasonal trends, and economic intel to ensure sellers achieve the best sale result – it was relatively straightforward. Most agents could get it right. Well, things have changed a bit, the usual suspects like interest rates, comparable sales, immigration numbers, buyer enquiry numbers, and the seasonal trends aren’t enough anymore. Over the last few years, we have watched interest rates rise and for much of this time, many of our property markets have also seen price rises – that doesn’t seem normal. We’ve also witnessed extraordinary net immigration numbers: 518,000 people in 2022/23, although at the same time some rental markets, like Canberra’s for example, have experienced a static market or, even a reduction in rents during this period. Whilst this is a welcome change for many, it isn’t exactly the outcome most expected. The Westpac Consumer Confidence report last month suggested a lower level of confidence across Australia and this usually equates to a flat line in property sales. However, this didn’t happen – sales numbers increased during the survey period. Not every suburb or town is experiencing strong sales or growth, although it is happening selectively across the country. This arm wrestle has been occurring for at least 12 months, and we as a team watch these things closely. We think there is one defining factor yet to influence the market - and it could be a knockout punch. As of February 2024, the ANZ believes rates have peaked, and the CBA and NAB believe rates will drop by Sept 2024. This will surely pique... and possibly even peak the interest of buyers locally, and across the country... we’re watching, so call us if you would like to know how this may benefit you, and your property sale. WHAT’S HAPPENING IN OUR MARKET?
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