Spring Market Guide

Insights & Observations

As we approach the midpoint of the spring property market, there’s been plenty of movement across Australia. Every capital city is experiencing different trends, driven by a range of factors from government policy to local consumer confidence. Here’s a quick look at how things are shaping up:‍

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^{MARKET PERFORMANCE VARIES}

‍Not all cities are seeing the same results this year. While some are thriving, others are facing challenges:

• Perth: A standout performer with 25% median house price growth in the last 12 months.
• Adelaide & Brisbane: Both experiencing solid 15% growth.
• Melbourne: The only major city seeing negative growth in real terms.

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Is now the time to buy or sell?

This question depends on where you live and the property you own. Timing the market is notoriously difficult, even for seasoned professionals who were caught out during downturns in 1990 and 2008.

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For buyers

With just weeks remaining in the 2024 property market, time is running out for buyers looking to secure a home before the year ends. However, in some cities, like Melbourne, buyers still have the upper hand.

^{ACT NOW BUT STRATEGICALLY}

There are 9 solid buying weeks left before the Christmas slowdown, with focus shifting to the holiday season two weeks before.

^{MELBOURNE'S UNIQUE OPPORTUNITY}

With auction clearance rates at 60-65%, Melbourne is more affordable than most other capital cities. Interstate buyers are recognising this opportunity, but there’s still relatively little competition for now.

Marketing campaigns that bring in 20-25 people often result in only 1 or 2 serious buyers, meaning buyers face less competition.

^{OVERSUPPLY IN CERTAIN MARKETS}

‍Development stock and lifestyle properties, like beach houses, are currently oversupplied, with many sellers unable to recover costs from their 2021 purchases.

For now, buyers in these segments have the upper hand.

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For sellers

Sellers still have a short window to take advantage of the spring market, but it’s critical to act soon and ensure the property is presented and marketed correctly. Strategic decisions made now can make all the difference in achieving the best result.

^{LIMITED TIME TO SELL}

With only 9 selling weeks left in 2024, decisions need to be made quickly if you want to sell before the holiday season.

Campaigns usually take 4 weeks, with most serious buyers identified within the first 10 days, so the deadline to start is approaching fast.

If you miss this window, the auction market will reopen on February 8th, 2025—right after the U.S. elects a new president!

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^{NO ROOM FOR ERROR}

‍Properties must be priced correctly, professionally photographed, and styled to appeal to the right buyers.

Success doesn’t come by chance. Campaigns need to adapt quickly based on buyer inquiries and open house attendance. Experienced agents make the difference.

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In today’s market, choosing the right agent is more important than ever. Experienced agents work proactively, making adjustments in real time to attract buyers rather than waiting for the market to change.

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Looking ahead

The Australian property market is on the cusp of significant changes, particularly for cities that have underperformed in recent years. Buyers and sellers alike should be prepared for what’s next.‍

‍2025 FORECASTLower interest rates and record immigration will drive the next property cycle, with Melbourne and Sydney expected to bounce back.

‍MELBOURNE'S WINDOW OF OPPORTUNITY

‍For buyers, there’s a brief opportunity to purchase in Melbourne before the market heats up again—don’t miss the chance to get in before the rebound.

Conclusion

With Melbourne's property market on the verge of a potential rebound, now is the perfect time to reassess your real estate portfolio. Whether you're considering buying, holding, or selling, making informed decisions today could set you up for long-term success. Our team of experts is here to guide you through the complexities of the market and tailor a strategy that fits your goals.Contact us today to discuss how we can help you navigate the opportunities ahead and make the most of the current market conditions.Best regards,The Greville Pabst Property Advisory Team

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