The first quarter of 2024 has delivered strong results for Newcastle. As we move into the second half of the year, this often encourages a change of pace for buyers and sellers. Stock levels and competition taper off as the cooler months approach, giving an opportunity for those ready to take the next step in buying or selling to stand out in the market. The general consensus is to hold off until spring; however, the opportunity to not compete with other homes in the surrounding areas is the point of difference when selling at this time of year.
April brought a modest reduction in average listing views, indicating a slowdown in the initial rush and demand of January, February, and March. Sellers will need to demonstrate a firm commitment to moving ahead with transactions and a willingness to adapt to a shifting market across all purchasing environments, from auctions to off-market, to capture the most favorable results.
Talk of potential interest rate cuts would generate further demand over the second half of the year and unlock a sector of the market that has temporarily paused its plans due to affordability concerns. However, after the most recent RBA announcement, predictions are debatable, with the suggestion of a potential rise in rates by the end of the year. We are seeing many buyers conflicted about adhering strictly to their budgets or overextending themselves, even very modestly.
Attempting to identify trends and sentiments entails considering several factors. It has always been evident that pricing accurately and perfecting presentation are crucial for achieving optimal results. If you would like to delve deeper into the market dynamics and strategize regarding the most opportune time to sell or buy, we would be delighted to discuss further. Please feel free to call or email us at any time.