WHAT’S HAPPENING IN OUR MARKET? The pace of value growth nationally is showing clear signs of slowing with the quarterly increase in home values (1.3%) now less than half the rate of growth in the same threemonth period of 2023 (2.7%). In Sydney, property prices increased 0.2% over the last month and are 4.7% higher than they were 12 months ago. The outlook for prices will start to become more interesting as we head into spring. While we don’t sell every home in Australia, we do have close to a 15% market share which gives us a good insight into what is happening more broadly. There are a lot of properties coming to market, the highest level recorded within Ray White for this time of year, based on listing authorities (the point at which a seller signs with a Ray White agent but before the property is advertised). The much-anticipated first weekend of spring for 2024 delivered strong auction clearance rates, high bidder numbers, and increased property volume across the country. While a lot of stock coming to market might suggest price growth softening, we have also seen a pick up in first home buyer, owner occupier and investor lending (as measured by the Australian Bureau of Statistics). Loan Market, the largest mortgage broker community in Australia, saw a 23% spike in pre-approvals for new loans in August. While interest rates remain high, it may be the growing potential for a cut is driving activity amongst buyers as we head into spring. If you’re considering a move, buying or selling, give our expert team a call. We look forward to helping you realise your property goals. Phillip Elmowy Anthony Vella Alex Santelli DIRECTOR DIRECTOR DIRECTOR
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