Despite defying expectations in winter, the Newcastle property market surged into spring, fulfilling the highly anticipated increase in properties and choices for buyers. We need to remember that we are operating in a fast-paced real estate market, which requires both sellers and buyers to remain agile in their property decisions.
Throughout the quarter, we have noticed a trend with buyers negotiating on not just one, but two or three properties simultaneously. This trend has emphasized the importance for property owners and agents to adapt and meet the market’s demands, especially for those aiming to be settled before Christmas.
Newcastle has always had a resilient property market, which is a testament to the lifestyle we offer and the appeal of the city’s vibrant cultural scene. Browsing the local HUNTERhunter guide to discover what’s happening in Newcastle exemplifies the available lifestyle, showcasing dynamic options such as new restaurants, cafes, and entertainment. It is encouraging to witness and support these local businesses.
The market conditions in November and December will determine the pace and tone for the early months of 2024, shaping the speed at which properties are bought and sold. After the RBAs expected lift from the 4.10% cash rate further at its November meeting to 4.35%, we will see what change this brings to the market as many economists are predicting interest rate decreases at some point next year.
