Our Market - February 2024

2024 is already in full swing, and its incredible how quickly time flies as we approach the end of the first quarter. With a confident stride, we step into this year buoyed by the successes of  2023, setting the stage for an exciting journey ahead in our local real estate market. The energy is palpable, with eager buyers attending open homes and early sales setting a promising tone for what's to come.
 
Let's peek at how February unfolded - a month brimming with activity and positive indicators for the market's health; in brackets are the statistics from the same time last year.
 
Market Report Stats for February 2024
Sold at Auction = 54 (40)
Pre-Auction Sales = 41 (31)
Passed in at Auction = 17 (24)
Withdrawn from Auction = 9 (6)
Auction Clearance Rate = 78% (70%)
Sold by Private Treaty = 33 (22)
 
February's performance echoes a resounding vote of confidence, with a strong auction clearance rate and solid sales reinforcing positive momentum for 2024. Yet, amidst this optimism, a hint of caution lingers as some buyers watch closely, waiting to see the market's trajectory through the first quarter. It's understandable given the rollercoaster ride of recent years, marked by unpredictable fluctuations influenced by factors like COVID-19 and volatile interest rates.
 
While there are no guarantees, we hope we're entering calmer waters, instilling renewed confidence among consumers, and paving the way for a more stable and predictable market - one poised for consistent growth.
 
Recent good news was inflation figures released by the Australia Bureau of Statistics (ABS) showing the Consumer Price Index has eased. Given the inflation figures, many economists expected the cash rate to remain on hold for the early part of 2024, followed by a cut in August or September. 
 
While we're cautious about crystal ball gazing, especially given the uncertainties of the past half-decade, we remain optimistic about how our local real estate market will perform in 2024. The resilience shown by property prices last year, even in the face of rising interest rates, suggests that any future rate cuts could potentially spark a rapid surge in property values, driven by a resurgence in consumer confidence. So, if you're considering buying into the real estate market this year, perhaps now's the time to seize the opportunity.