3228 Property Market Update (Q3 2024)

WITH NATURAL REAL ESTATE’S OLIVIA SWAN

The second half of the year has seen a steady stream of new property listings, keeping buyers active and exploring homes each weekend.

Similar to earlier in the year, there’s still a wide variety of properties on the market, providing plenty of options for buyers.

With the increased number of listings, it’s taking homes longer to sell. In Q2, properties spent an average of 57 days on the market, but by Q3, that number had risen significantly to approximately 99 days. This means sellers may need to exercise a bit more patience in the current environment.

We’ve also seen a dip in property prices. By the end of Q3, the median price had dropped to $1,075,000, down from $1,200,000 in Q2 and $1,230,000 in Q1. This decline is largely due to the abundance of available properties, higher interest rates, and increased living costs.

However, it’s not all negative. For buyers, the current market offers a range of opportunities, with many options to explore. Sellers who are also looking to purchase within the same market may find the changing prices balance out when transitioning from one property to another, especially with careful cost management.

Despite the longer days on market, sales activity remains strong. Over the past three months, 89 properties were sold, reflecting continued buyer interest. What’s more, local buyer activity has surged. In Q3, 55 per cent of our properties were sold to buyers already residing in Torquay or Jan Juc, compared to just 35 per cent in Q2. This highlights a growing trend of movement within the local community.

On the rental side, the market has stayed robust. Rental properties have maintained an average weekly rent of $660 and are typically rented out within 30 days. Our office has seen a notable increase in interest, with 722 rental inquiries in Q3 – up from 425 in Q2.

In summary, while sellers may be experiencing longer sale times and some price adjustments, the market remains active and full of opportunity. Whether you’re looking to buy, sell, or rent, there are still many positive prospects available.

If you have any real estate questions, feel free to reach out to me on 0499 053 114 – I’m always happy to help.

Data source: realestate.com.au, CoreLogic, Natural Real Estate