Our Market - March 2024
As we step into the second quarter of 2024, it's clear our local real estate scene is defying market pressures yet again. Despite current high interest rates and cost of living, the market remains steadfast, with property prices continuing to maintain their strong position from last year. Even as pundits debate the future of interest rates, buyers are undeterred, displaying a remarkable appetite for homes across all price ranges. Please see the statistics below highlighting how the market performed in March (in brackets are stats from March 2023)
Market Report Stats for March 2024
Sold at Auction = 63 (37)
Pre-Auction Sales = 44 (34)
Passed in at Auction = 15 (12)
Withdrawn from Auction = 19 (3)
Auction Clearance Rate = 76% (83%)
Sold by Private Treaty = 46 (53)
Over the past month, we witnessed a flurry of activity, especially in the high-end segment. At Raine and Horne Newtown, we facilitated the sale of four properties surpassing the $2 million mark, each drawing considerable interest and competition. Take, for example, 18 Reiby Street, Newtown—a beautifully renovated terrace—that was snapped up before auction, igniting a bidding war among eager buyers and exceeding all expectations. Similarly, 10 Gilpin Street, Camperdown, a charming three-bedroom home, saw multiple bidders vying for ownership, ultimately fetching a price well beyond our initial projections after just 8 days on the market. But it's not just the top-end market feeling the heat. Demand remains robust across the board, with apartments and two-bedroom terraces commanding unexpectedly high prices. Take 13 Ada Street, Erskineville, a neat 2-bedroom terrace, which sold off the market through our database for an exceptional price, with 4 buyers making competing offers after just 1 inspection. Despite concerns about the cost of living and interest rates, buyers are seizing the moment, keenly aware that any potential drop-in rates could intensify competition and drive prices even higher.
Looking ahead to April and the cooler months, we anticipate a familiar challenge: dwindling stock. As holidays and colder weather dampen listing activity, the stage is set for a classic supply-demand imbalance—a scenario that historically drives property prices upwards. Add the prospect of interest rate cuts into the mix, and we have the perfect recipe for a surge in market activity. While the timing of rate adjustments remains uncertain, there's a palpable sense among buyers that now is the time to act.
If you're considering your next real estate move, don't hesitate to reach out—we're here to help you navigate this dynamic market landscape.