Spring 2024 Property Market Update: Key Trends and Insights

Spring is a season of change, and this year, Sydney’s property market is no exception. Whether you’re a homeowner or an aspiring property investor, understanding the current trends is essential to make informed decisions. This update is designed to give you a clear picture of the market and what it means for your property goals.

This report draws on insights from Michael Salvartsis, Director & Principal Buyer’s Agent at Real Property Buyers, providing a detailed analysis of the Sydney property market and national trends as of Spring 2024.

What’s Driving the Market in Spring 2024?

Interest Rate Expectations

Economists had forecast interest rate cuts by mid-2024, bringing hope to the market. However, the Reserve Bank of Australia’s cautious “wait and see” approach has delayed these cuts to late 2024 or 2025. This uncertainty has kept borrowing power steady, creating opportunities for buyers who are prepared.

Sydney’s Market Metrics

Sydney’s property market is showing signs of gradual rebalancing, offering homeowners and investors new opportunities:

• Dwelling Values: A 3.7% annual increase, though slightly down by 0.1% quarterly to October 2024.
• Vacancy Rates: At 1.6%, showing a modest rise but still indicating tight rental conditions.
• New Listings Growth: Areas like Sutherland (37.2%), Eastern Suburbs (28.9%), and Inner West (22.7%) have seen significant increases in property listings, providing more options for buyers.

Opportunities for Homeowners and Investors

For current homeowners or property investors, the market offers a unique set of opportunities:

• More Choices, Less Competition: An increase in stock and a moderation in demand create favorable conditions for buyers.
• Lower Vendor Expectations: Sellers are adjusting their pricing strategies, making negotiation opportunities more accessible.
• Window of Good Buying: Before anticipated interest rate cuts in 2025, there’s a chance to lock in properties at advantageous prices.

Why This Matters for Your Loans

As a homeowner or investor, the shifting market dynamics mean now is the perfect time to reassess your financial position. With changes in property values and borrowing conditions, ensuring your home or investment loans are working for you is critical.

How OneSite Finance Can Help You

At OneSite Finance, we’re here to help you navigate these trends and make the most of the current market conditions. We specialise in reviewing home and investment loans for clients like you to:

• Ensure your loan remains competitive.
• Maximise your borrowing capacity for new opportunities.
• Help you plan for future rate cuts and market changes.

Take Action Today

Whether you’re looking to purchase, invest, or simply reassess your financial position, don’t wait for the market to change. Contact OneSite Finance today to review your loans and explore how you can take advantage of the Spring 2024 property market trends.