Q1 2024 property market update with Olivia Swann.

WITH OLIVIA SWANN, SENIOR SALES CONSULTANT AT ONE AGENCY SURF COAST.

As the first quarter of 2024 drew to a close, our local property market showcased a vibrant and dynamic start, culminating in a bustling Easter weekend.

January adhered to the typical trend, witnessing a standard number of property transactions.

With 16 properties sold, this mirrored the figures from January 2023, underlining a consistent baseline across the 3228 postcode.

February injected a notable surge in activity, boasting a noteworthy 131.25 per cent increase in sales compared to the preceding month, soaring from 16 to 37 transactions. This surge indicated growing momentum in the local market.

As the quarter unfolded, we saw an influx of new properties entering the fray, with most Saturdays boasting over 100 open inspections.

This abundance of choice empowered buyers with a diverse range of options.

Across the entire quarter, we witnessed a commendable 77 sales, only marginally fewer than the 82 sales recorded in Q1 of the previous year (2023).

This resilience underscores the stability of our market amidst evolving conditions.

The median sale price settled at $1,230,000 for Q1, marking a slight decline from the previous quarter’s $1,292,000, and a further decrease from $1,340,000 noted in Q1 of the preceding year. These adjustments align with the fluidity of market dynamics.

The steadying of interest rates in the last three months has bolstered buyer sentiment significantly.

With concerns about continuous rate hikes alleviated, buyers are displaying increased confidence and readiness to proceed with purchases.

Among One Agency’s sales in Q1, 29 per cent of buyers hailed locally, while another 29 per cent relocated from Melbourne. This marks a noteworthy decrease in Melbourne buyers compared to Q1 of 2021, when 48 per cent of buyers were relocating from Melbourne.

As we gaze into the future, the local real estate landscape appears poised for continued activity and stability.

Buyers are gaining confidence, yet they face the dilemma of choice amidst the multitude of available properties.

However, as the adage suggests, “some choice is better than no choice!”

For any real estate questions, call 0499 053 114.

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