Here we are again, farewelling another year and welcoming 2025 with a sense of renewed optimism. Reflecting on the local real estate market in 2024, the year could best be summarised as one of improvement. While much of the talk was focused on the cost of living crisis, we didn’t witness a decline in our sales volumes or the influx of forced sales that many had predicted. Below is a snapshot of our office sales stats for 2024: • Our sales volumes increased just shy of 10% • Our total sales dollar value increased by approximately 28% • Quarters 1 & 2 had similar sales volumes, quarter 3 almost doubled 1 & 2 and quarter 4 came in slightly under quarter 3 • 74% of our buyers were owner-occupiers, 26% investors • 28% of our buyers resided in the 2261 postcode, 24% on the Central Coast but outside the 2261 postcode, 46% NSW based outside the Central Coast, and 2% interstate. For most of the year, the market performed steadily. Some properties sold in less than seven days of hitting the market, while others attracted multiple buyers competing to purchase the property. Results like this indicate it has been a good market for sellers. Towards the latter stage of 2024, we saw a shift in market conditions driven by an influx of properties coming to market in August and September. This led to some price reductions and longer days on the market to sell, but it also offered more choices to buyers. Whilst this caused a lull in the market during October and November, buyer enquiry levels remained steady through December. With growing speculation about a potential rate cut towards mid-year, we anticipate a buoyant market at the start of 2025, continuing until a possible softening around April-May, coinciding with the upcoming federal election. Back in the office, we also reopened our in-house Auction Room, giving sellers the flexibility to choose between in-room or on-site auctions. Two standout results from our in-room auctions are worth highlighting, with sale prices exceeding sellers’ expectations by $171,000 and $210,000 above reserve! Once again, we congratulated Michael Melville, from our sales team, on achieving Elite Performer status in the Ray White network and being recognised as a top-six Regional Salesperson in Ray White NSW - for the 3rd year in a row! Reflecting on our involvement with the local community in 2024, we were pleased to have continued our weekly support of the Bateau Bay Public School. The school also benefited from a substantial funding contribution from our A MESSAGE FROM OUR DIRECTORS
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