Three key property trends we noticed in 2023
This past year, we’ve noticed three key trends in the property market in the Crows Nest, Wollstonecraft, Waverton and St Leonards area.
Firstly, 80% of buyers were owner-occupiers. There were far fewer investors purchasing property in 2023 compared to other years.
Secondly, there was a shift towards more modern apartment buildings with lifts. These are particularly desired by downsizers who value quality, space and convenience. Three-bedroom apartments are rare and, for this reason, also highly prized by downsizers.
Finally, there were still plenty of first home buyers purchasing one-bedroom apartments. Having said that, a study or second bedroom was valued by those who work from home. And post-Covid, many still work from home – if not full-time then a few days a week.
In 2024, we’re expecting more investors to return to the market. We’re also expecting properties within walking distance to the new Metro to be highly sought-after.