A NATIONAL VIEW
Spring has officially arrived and a steady stream of properties have hit the market nationally.
At The Agency we have seen an increase of more than 20 per cent in the number of properties that have come to market nationally compared to the same time last year and we expect a similar rise for the remainder of the year.
Buyer activity is on the increase particularly from first home buyers who have been preparing to purchase for some time and are keen to move away from the rental market and into their own home.
A number of high-profile estates in the prestige market are currently for sale and we are delighted that the Prime Minister has chosen to sell his investment property with The Agency.
Our presence continues to grow significantly across Australia in line with our aim to attract high achievers in new and established markets. We are excited to be entering Shepparton in Northern Victoria and have seen the further expansion of our team in Tasmania as well as strong additions to our network in New South Wales including in Sydney's Sutherland Shire and the Central Coast. In Queensland we are adding property partners in the highly sought-after Sunshine Coast and ever popular Gold Coast.
Record days on market and strong performance is the ongoing trend being seen from our team in WA. We are making amazing progress in our business in The West as families in particular across Perth are finding their dream homes, and sellers are achieving fantastic prices.
There has been much debate and pressure being placed on the RBA to cut interest rates. We have seen banks lowering fixed term rates in anticipation of interest rate cuts and we encourage clients to speak to their lender or mortgage broker to ensure that they are receiving the best rate possible.
With auction numbers expected to continue to be over 2000 around the country each weekend during spring early numbers indicate that buyers are ready to strike with clearance rates remaining over 70 per cent in Sydney and Melbourne.
High numbers of participants in auctions means that buyers are eager and there is the volume to meet the supply of homes coming to market, however we are seeing a preference for high quality homes and in particular family homes that are renovated. Therefore, setting appropriate price guides has never been more important for vendors and quality marketing is rewarding for our clients.
10 Feature Properties.
Investor Outlook
Rental activity is showing signs of stabilisation, with a plateauing of rental prices across various regions.
On the east coast of Australia, investor focus has been predominantly in more affordable urban and regional areas, diversifying the portfolio of available properties. Tenants are benefiting from a wider variety of choices, which is reflected in the increasing number of days properties remain on the market.
However, properties that are priced correctly continue to lease quickly, indicating that strategic pricing remains key in attracting tenants swiftly. Despite facing challenges like longer days on market to secure tenants and stock levels that outstrip demand, Perth and the West Coast continues to be a lucrative area for investment.
These dynamics suggest a nuanced picture of real estate across the country, with local market variation impacting both the strategy and success of property investments. As we approach Summer we can expect to see more activity following the typical sales cycle, when there is usually an uptick in both rental and investor engagement.
The Agency reports FY2024 results
The Agency (ASX:AU1) delivered a sixth year of consecutive growth when the listed company reported its FY2024 results. The Agency saw 6,239 properties exchanged, an increase of 8.8 per cent year on year with a value of $6.5 billion. The Agency has over 10,000 properties under management to the value of $9 billion.
SUBURB SPOTLIGHT
East Brisbane, QLD 4169
East Brisbane is one of the oldest and most tightly held suburbs in Queensland’s capital, offering a unique blend of history, charm, and modern convenience. The suburb is renowned for its character homes and quintessential Queenslanders, many of which are protected from demolition, ensuring the area’s heritage is preserved for future generations. Located just 2.5km from Brisbane’s CBD, East Brisbane is ideal for those who value proximity to the city and The Gabba, sporting arena, with cafes, breweries and restaurants adding to its vibrant lifestyle appeal. Prestigious schools are a drawcard for families and young professionals are attracted to the affordability of original cottages priced in the sub-$1.5 million range. Luxury homes in the area on the Brisbane River have sold for upwards of $10 million.
Median price
$1,441,250
State of the Nation
