2024 Q1 MARKET WRAP

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What Happened:  Second Half of 2023?

Mortgage Serviceability requirements with lenders restricted borrowing capacity from the buying market, which created a much more balanced marketplace with fewer buyers and property transacting. As a result the rental market started to skyrocket with many homebuyers opting to defer purchasing and rent.

What Happened:  First Quarter of 2024?

RBA held the cash rate at 4.35%, and a potential rate cut in the Second half of the year was announced. This has led to increased buyer inspections and properties listed for sale. Our office, in addition to receiving the highest rated agency for the year (ratemyagent awards), has held a clearance rate close to 90% 

The Rental market is currently at an all time low vacancy rate which has further pushed the average rental price up. Major policy changes for the state, in particular regarding land tax, is expected to deter investment buyers from purchasing & exploring other investment options.

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? On average, we have seen 10% increase over the past year

Not Going Anywhere 

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

Below are some Observations from Past & Current Sales Market in Mount Waverley