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The number of available lots has increased by 30 per cent year-on-year, though this is expected to stabilise as financial incentives for titled lots remain strong and sales continue to rise.<\/p>\n
The report identified that rising construction costs remain a challenge for affordability. According to CoreLogic’s latest Cordell Construction Cost Index (CCCI), building costs increased by 3.4 per cent in the final quarter of 2024, driven by labour shortages and higher material prices.<\/p>\n
These factors are expected to persist in the near term, placing continued pressure on buyers. Looking ahead, the market is expected to stabilise over the next six months as economic uncertainty persists.<\/p>\n
With inflation nearing its target, a decrease in interest rates is anticipated before mid-2025, which may further support demand.<\/p>\n
The Westpac-Melbourne Institute Consumer Sentiment Index for December 2024 showed a slight improvement, though overall sentiment remains cautious.<\/p>\n
The Index confirms that high interest rates and cost-of-living pressures continue to weigh on consumer confidence.<\/p>\n
While house prices remained steady toward the end of 2024, consumers remain cautious about the future of the property market.<\/p>\n
However, Red23 predict the uplift in sales in Q4 2024 suggests a more positive outlook for 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Geelong region has been the shining light in greenfield land with sales rising by 16 per cent, compared to metropolitan Melbourne seeing a 5 per cent increase in sales. Recent data released by Red23 shows Melbourne’s land market is showing some resilience despite ongoing economic pressures, with median land prices stabilising and sales activity […]<\/p>\n