State of the Nation | November/December 2024

Download the State of the Nation | November 2024 Report

We have seen one of the busiest springs in more than a decade as buyers and sellers look to finalise their transactions before Christmas.

With inflation still not under control the RBA decided to keep interest rates on hold on Melbourne Cup Day. With one more meeting of the year before the RBA takes a hiatus until February 2025 this decision came largely as expected. 

Regardless of what the RBA decides in the future there are buyers and sellers who are keen to enter or exit the market at any given time. It is also becoming clearer that the next movement is down.

Looking to the Corelogic’s National Home Value Index we saw the 21st month of growth with a 0.3 per cent rise in October. Even though we are seeing a cooling market there has still been growth of 6.0 per cent over the last 12 months. 

Sydney's -0.1 per cent fall in October was its first monthly decline since January 2023.. However it is a tale of two cities in the harbour town with the largest falls in the most expensive areas whereas first home buyers and the more affordable end of the market were seeing rises. This was also indicative of other capital cities where first home buyers are seeing more choice and opportunity. 

Perth continues to be the strongest market in Australia with home values growing 1.4 per cent in October. Its had growth of 22.6 per cent for the year and our property partners are saying that properties are still seeing very low days on market. 

The Brisbane market saw growth of 0.7 per cent in October after what has been an exceptionally strong year for the Queensland capital city with 17.6 per cent growth. 

Interest in Hobart is intensifying with local and national buyers contributing to the 0.8 per cent increase for the month of October. We have some stunning properties on the market in Hobart and surrounding areas as well as Launceston which is receiving strong national attention too. 

In Melbourne investors and first home buyers are seeing the opportunity to enter the market with a fall of 0.2 per cent for the month. 

Now more than ever it is important to work with a real estate professional with a proven track record and strong market knowledge. The ability for a real estate agent to understand buyers and have solid negotiating skills is the most valuable assets you can have on your real estate journey.