3228 property market update (Q2 2024)

WITH NATURAL REAL ESTATE’S OLIVIA SWANN

As 2024 reaches its midway point, the real estate market continues to show lively and dynamic activity.

This period has seen a steady influx of properties entering the market, providing both buyers and sellers with a unique mix of opportunities and challenges.

The second quarter of the year was particularly notable for the significant number of new properties listed weekly. This abundance has benefited buyers, offering them a broad range of options without the intense competition that characterised previous market peaks.

However, for sellers, the scenario has been more challenging. The vast number of properties on the market has heightened competition. Despite the crowded market, the average time a property spent on the market was around 57 days—a respectable duration given the high stock levels. Sellers need a meticulously crafted and strategic sales campaign to successfully transition their property from “for sale” to “sold” in such a competitive market.

In terms of pricing, the median sale price saw a slight decrease in Q2, dropping by $30,000 from the previous quarter’s $1,230,000 to $1,200,000. This price reduction may have been a catalyst for increased sales activity, as evidenced by the surge in sales volume from 77 properties in Q1 to 99 in Q2.

The rental market has remained strong, with median asking rents for houses now at $650 per week, reflecting a 1.2 per cent increase over the past 12 months. This steady rise highlights the enduring appeal of the area and the competitive nature of the housing market.

An interesting trend emerged in Q2: 35 per cent of buyers were locals from Torquay or Jan Juc, while another 35 per cent hailed from Melbourne. This mix of local and metropolitan interest underscores the dual allure of the region—both as a place to live and as a desirable vacation retreat for city dwellers.

The Reserve Bank of Australia has kept the cash rate steady at 4.35 per cent since November 2023. The outlook on whether this rate will remain unchanged, increase, or decrease is uncertain, but a potential drop could stimulate market activity by boosting buyer and seller sentiment alike.

Looking towards the second half of 2024, the real estate market on the Surf Coast promises to stay vibrant and full of opportunities.

For more detailed market insights or inquiries, don’t hesitate to reach out to the Natural Real Estate team.

Data source: REA, Corelogic