The Bulletin

Why 2024 Will Be The Year To Sell Your Home

While history confirms the real estate market experiences cyclical trends, a long-term look Australian house price growth presents a compelling picture: Opportunist investors, first home buyers, downsizers, tree changers, and others with a desire to get into or grow their real estate portfolio, tell us that there is frequently potentially-great times to sell your property.

Will 2024 be a good year to sell your home? Read on to find out.

Economic Outlook: The Australian economy plays a significant role in the property market, with the property market being a barometer of the economy’s performance. With predicted economic growth, the property market is expected to rise steadily in 2024. This steady market rise translates to housing prices, making it a good time to consider selling your home. With market forecasts / expectations indicating a 7.5% rise in housing prices, homeowners can anticipate significant profit gains from the sale of their homes.

Demographics of Buyers: Demographics have a significant impact on the real estate market. Several studies show that by 2024, millennials will comprise significant players in the property market, with two-thirds of them being homeowners. With such a high number of millennials on the market, appealing to their needs for comfortable modern homes will increase your chances of selling your property.

Interest Rates: Interest rates are a crucial determinant of the property market. With lowering-interest rates speculation suggesting relief in the second half of 2024, potential homebuyers will be able to enter the market with more confidence and certainty which will create more competition for your home.

Supply and demand: The Australian property market experiences demand and supply trends, which affect pricing and home sales. With supply and demand patterns predicting a balanced market, homeowners can expect fewer risks and increased potential profits from the sale of their homes. The reduced supply also signifies that homeowners will have an upper hand in dictating prices, making it the right time to sell.

With economic growth, the supply-demand balance, static or declining-interest rates, and buyer demographics pointing to significant numbers of millennials, homeowners should benefit from the forecasted positive trends to maximise house sale profits.

Visit our team page and connect with one of our agents for more information and to get a free property appraisal on your home, or local market information, which will help you make an informed decision, today.

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