The Agency MD and CEO Geoff Lucas shared his views on the upcoming interest rate decision, the economy and his outlook for the 2024 property market with Sky News on News Night with Sam Chiari on February 3.
Mr Lucas told Sky News the first interest rates announcement of the year has injected some confidence back into the property market.
"We would expect in the RBA highly likely to hold interest rates, and that has created a degree of optimism within the market. We are seeing that optimism translating into a lot of first home buyers confident now and getting ready to make that first move," he said.
The results of the first Saturday of auctions for the year were a good indicator of this trend, with over 1700 auctions slated for the day which was the second largest start to February on record in terms of auction volume. Mr Lucas said there was "significant enthusiasm" on the first day of auctions for the year.
"I saw one auction today in Coogee in sydney, very strong attendance with 12 registered bidders and 8 who participated. The two bedroom apartment sold for $1.61 million which was more than $200,000 over the reserve,"
Mr Lucas' shared his outlook for the property market in 2024.
We expect a price growth nationally of negative one per cent and positive three per cent., but within that national figure, there are many markets within markets," he said.
Mr Lucas gave Perth as an example with price growth of 16 per cent, in contrast to Melbourne stagnating at between zero and minus one per cent.
"Never before has it been more important for people to do reserac specific to markets within markets. That will be key throughout 2024."
Geoff Lucas appearing on Sky News, February 3 2024.