April 2024 Market Update

24 Apr

Both house and unit prices have taken a break from robust increases this month, with both house and unit property types recording no significant change in median prices.

While volumes have been down, both vendors and purchasers were a little quiet during the month of March waiting for the Easter period and subsequent school holidays to end.

Sentiment, however, remains high with expectations surrounding interest rate reductions still on the cards, likely to result in greater activity in May and beyond.

Cash Rate Expectations

ANZ: 1 cut in Q4 2024
CBA: 3 cuts late 2024
NAB: 1 cut November 2024
Westpac: 2 cuts late 2024

Auction Clearance Rates

Clearance rates have shown improved strength in 2024. Limited listings and ongoing need for housing stock has translated into good success at auction. Across the Ray White network, results for March 2024 sit at 72.1 per cent, slightly behind 2022 results of 73 per cent. Typically anything above 65% signifies a rise in the market.

With limited listing numbers and expectations of interest rate reductions, we expect to see greater urgency enter the market, keeping clearance rates elevated this year.

The demand remains highest in larger two bedroom and three bedroom properties which are most popular with downsizers and professionals looking for a bit more space for their young family or to WFH.

My team and I are specialists in your area - if you have any plans to buy, sell or lease your property this year or beyond and would like to chat about where your property sits in the market, please don't hesitate to get in touch.