2024 predictions for the local property market
It’s only the second week of January and we’ve already had a lot of enquires from prospective buyers. This suggests it’s going to be an active year for the local property market.
Two markets are set to pick up this year – the downsizer market and the investor market.
More and more downsizers are selling the family home and seeking a generous, modern two or three-bedroom apartment with a lift that’s desirably located near transport and cafes. You can expect these types of properties to go up in value as the population ages.
With high demand for rental properties, strong rental returns and stable interest rates, investors are returning to the market. They can now get up to a 5% return on their investment.
Properties in Crows Nest and Wollstonecraft that are within a ten-minute stroll of the new Metro will almost immediately increase in value the moment the trains are up and running.