2024 Market Wrap

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Highlights in 2024:  

• The Reserve Bank of Australia (RBA) Holds Cash Rate @ 4.35%
• Banks have followed with High interest rates, Lowering buyer borrowing capacity.
• The increase in Land Tax made Victoria less favorable to invest in real estate.
• Decrease in Victoria Clearance Rate 
• Major Builders have gone under & trade costs remain high

How has this affected our Marketplace:

• Many investment homeowners have chosen to sell their properties and reinvest in different cities, or cash out altogether and find alternative markets to invest.

•  Rental Prices have increased due to a  lack of rental availability and homebuyers choosing to rent vs buy.

• Clearance rate in VIC has averaged 55% vs 80%+ in past markets while Mount Waverley has avg. 65%

• Newly built homes and renovated homes have been selling very well in our marketplace due to doubt in building companies and increased trade costs

What Now?

Selling 

What can be done to increase the value of your home (timing, cosmetic updates, etc.)

Investment Property 

Time to review your rental income? Does your property meet current standards? 

Not Going Anywhere 

Review your current mortgage plan with our mortgage broker team (Loan Market)

2025 MW Sales Market