As the 2024 Spring market draws to a close, it’s clear that it has been one of the most challenging to interpret in my 20 years of real estate experience. While some properties achieved outstanding results - exceeding expectations thanks to strong competition - others have faced difficulties, remaining on the market for extended periods or selling for as much as 15% below their peak prices of two years ago.
Notably, larger family homes have been standout performers. Many buyers have used the opportunity presented by softer market conditions to trade up. Although some may have sold their existing homes for less than initially hoped, they’ve often more than made up for this with significant savings on their next purchase.
Looking ahead to 2025, forecasting the market's trajectory remains challenging. However, there is cautious optimism that a potential reduction in interest rates could help restore confidence among both buyers and sellers, leading to a more balanced market.
On behalf of Cayzer Real Estate, I’d like to wish all our clients, friends, and families a very Merry Christmas and a safe, prosperous New Year. We look forward to working with you in 2025.
Simon Carruthers Director Cayzer Real Estate
11 November 2024
One-bedroom waterfront apartment fetches $785,000 at auction