As we wave farewell to Summer and set our sights more firmly on 2024, there is one over-riding phrase that sums up the current state of the market….it’s getting busier!
Could it be that the market is turning? There are a number of indicators that lead us to believe that it is.
Firstly, we are seeing more people at open houses. In recent times we have had up to 30 couples per viewing, which is more than during covid times, and particularly positive for vendors.
We know that the steady rise in interest rates has now stalled and this is giving purchasers more confidence in their ability to meet mortgage repayments. The interest rate stall also means there is a stronger notion of affordability as people know how much they can borrow and where their limits are. There’s also speculation that interest rates may need to head south to help stimulate the economy, and this feeds into market confidence and the potential for a turning market.
The supply of properties for sale remains steady. There is a strong belief that more properties will come onto the market on the back of an anticipated recovery in value within the next six months.
We welcome the return of first home buyers to the current market (see breakout box). These buyers are helping to shape the local real estate environment and are injecting plenty of enthusiasm into the mix. Meanwhile, investors are thin on the ground with the majority of buyers falling within the owner/occupier category.
Unlike the covid craziness of 2020-2022, the present steady market gives people time to get their financial affairs in order. However, some banks are now showing rapid finance approval capability and on occasion, we are seeing these buyers edging ahead of the slower movers. As the saying goes, the early bird gets the worm.
In all, the north coast real estate market is looking up with plenty of optimism around the grounds. While property values are not rushing upwards, there is considerable buyer interest. Property values are buoyant and properties are now selling quicker than they have over the last six months which is great news.
Read more in my latest newsletter . . .