How will property trends affect your decision to sell?

When planning to sell your home, it's natural to want to understand the health of the real estate market and the likelihood you'll achieve the desired price for your property. Yet, for many owners, today's marketplace is difficult to read. 
 

Currently, we have high interest rates as the Reserve Bank of Australia continues to put pressure on post-Covid inflation, and still home values continue to rise across much of Australia.

As experienced local agents, we understand how important it is for our clients to make informed decisions. After all, in most cases, your home is your largest financial asset.
 

We've used CoreLogic research to paint an overall picture for you. However, it's important you contact one of our agents for insight into our local market. Talking to a trusted agent with local knowledge is essential to help you make educated choices.

• Two-speed market: While the national average growth rate has been in single digits since April 2022, Perth has registered 25.7% while Hobart has gone backwards 11.2%. Sydney continues to nudge 10% annually. However, we're not seeing the 31.7% national growth of 2019-2021. 
   

• Resilience abounds: Nearly half of capital city suburbs hit record-high values in April 2024. Migration levels have contributed to a 2.5% increase in population to 26.97 million, and this is contributing to the ongoing demand.
   

• Impact of rate hikes: Hobart, Melbourne and the ACT have all experienced declines in property values since the Reserve Bank of Australia began hiking interest rates. CoreLogic says value performance in these centres is unlikely to improve until rates begin to fall.
   

• Investor activity: Having sold when prices spiked during Covid, many investors are now back in the market and targeting more affordable cities such as Perth and Adelaide, where rental conditions are strong and yields are higher.
   

• Sharp initial decline: After the first rate hikes, the market experienced a -7.5% drop in values but has since rebounded with 16 consecutive months of growth.
   

• Hot suburbs: Despite rising interest rates, 43.6% of Australian suburbs and nearly half (49.1%) of capital city suburbs hit record-high values in April 2024.