Time to Sell in 2024?
With record breaking prices and fluctuating interest rates, the real estate market has been unpredictable. Let’s take a quick look what the numbers are telling us this 2024.
After some initial dips during the pandemic, property prices skyrocketed to new heights in 2021. In 2022, interest rates rise which temporarily led to a decline in home values, but later 2023 the market had a remarkable recovery.
CoreLogic’s latest report, Australia’s property market median property value reach a new all time high in November, with an impressive 76% increase since January. Perth in particular have already broken new price records. These figures reflects the resilience of the Australian property market, despite rising interest rates and some economic uncertainty.
Opportunities in 2024
General positive outlook this 2024. The major banks are forecasting national growth ranging from 3% to 5% for 2024. While this is slightly lower than the growth observed in 2023, it remains close to the 30 year average.
The end of year is usually quiet in the property market, but things start picking up again in January. Many sellers are prepare their properties during the Christmas break, expecting the market bouncing back early 2024.
If you’re thinking about selling your property in the summer of 2024 and want to get the best results, here are few advice from us.
- Observe how your local property market is doing.
- Have your property valued
- Get a market appraisal of your property
- Ensure that your property is ready to be listed for sale
2024 is a promising year for property sellers as the market shows signs of strength and experts are forecasting prices to continue to go up, although maybe not as fast as in 2023.
Proper preparation and market awareness is the key to making the most on your property this 2024.
KA-CHENG Property Group
Morley Real Estate Company