What’s in store for 2024 in the property market?
According to property experts and economists, Sydney property prices are expected to go up by 5 – 7 percent in 2024.
But the truth is that right at this moment, we’re experiencing a bit of a lull. This is a common occurrence immediately after an interest rate rise. Buyers become a little more wary. They’re concerned about borrowing capacity and ability to make mortgage repayments. But it’s temporary. It’s natural for the property market to ebb and flow like this throughout the year.
At the moment, there are quite a number of properties on the market, which means buyers can be choosy. There’s no need to rush into anything. Having said that, most of these properties will be snapped up before Christmas by those who want to end their year with a purchase and just enjoy their holidays. So, come January, it will be a whole new ballgame.
Sellers would be wise to put their home on the market in January when there are fewer properties for buyers to choose from than there will be in February and March.
Buyers who want to move into their new home at a certain time need to think ahead. The standard settlement period is 6 weeks. Buy in December and you won’t move until February.
Regardless of when you sell, it’s important to have the fundamentals in place – a well-presented property, realistic price guide, mid-week campaign launch, and so on. That’s where we come in. This is what we do best. With Christmas looming, now’s the time to act.