Let’s do it – 2024 property has launched.

We’re out of the gates and ready for another wild ride for the 2024 property market. The predictions came in thick and fast during January, with suggestions that Sydney prices could jump 4-16% this year. Other pundits have gone further, believing that prices could surge by more than 30% over the coming years due to an undersupply of inventory and a rapidly growing population. At the risk of sounding repetitive, we can assure you that what is being spewed out across the media so far this year will prove inaccurate – a statement reinforced by years of studying such forecasts. If this is the case, what advice can we provide those who are looking to make a move in property this year? It’s a simple formula that has been the foundation of success for buyers and sellers for many years, and that is to operate effectively within the prevailing market and push to the side the forecasts, external advice and opinions. Of course, it’s prudent to weigh up your financial decisions, however don’t let the weight of future predictions spook you into inaction.

To kick off our early listings, we’re seeing solid buyer inquisitiveness but a measured temperament from potential purchasers who are curious to see whether stock levels increase over the coming weeks. We suspect it will be a couple of very busy months as many sellers look to close a deal before the first pause, being Easter which is at the end of March this year. We’ve been encouraged by the high level of enquiry which is laying the foundation for early sales success, but what we’ll need to review over the coming weeks is whether we’ll see that competitive price tension that will drive prices forward. CoreLogic data suggests that there was very modest price growth in January but with hardly any volume moving through the system, it’s merely an early indicator that the property market looks stable.

Judging by our buyer conversations to start the year, it’s apparent that there is a healthy number of buyers who are ready to upgrade should the ideal property become available. This was a trend we experienced through 2023 and it seems set to continue this year. However, the question remains whether many higher-end homes will be on offer. Much of the Inner West experienced somewhat of a quiet year for prestige sales in 2023, but maybe this year will see improved movement encouraged by stability around inflation and the hope that the cash rate may fall in Q4. Time will of course tell but for now we’re seeing a very steady stream of new listings become available and quality buyer engagement. It seems that most people enjoyed a break over the Summer holidays and are now ready to tackle what will surely be another interesting year for the economy, global politics and the property arena. We’ll be deep in the trenches to share what we’re seeing across our markets.