What Does the 2024 Melbourne Real Estate Market Hold In Store

In the dynamic landscape of Melbourne’s real estate market, experts Matt and Dion from Abode Advocacy Group shed light on key factors shaping the trends for 2024.

1. Resilience Amidst Interest Rate Rises:

“Despite over a dozen interest rate rises from the Reserve Bank of Australia in 2023, the market exhibited remarkable resilience,” notes Matt. The increased rates didn’t deter overall growth, signaling a robust market that weathered economic shifts.

2. Migration as the Prime Catalyst:

Dion highlights, “Growth in 2023 emanated from various facets, but migration emerged as the biggest driver.” The influx of new residents continued to fuel demand, contributing to the market’s vitality.

3. Fluctuating Stock Levels:

“Stock levels remained notably low until the latter part of 2023, mirroring trends from the preceding years,” observes Matt. The return to a more normal spring market defied expectations of a regression, sustaining growth momentum.

4. Anticipated Balance in 2024:

Looking ahead, Dion mentions, “2024 is shaping up to be a more balanced market, with agents reporting a surge in listings for the first quarter.” This increased supply aims to address demand, potentially fostering equilibrium.

5. Renovation Challenges Persist:

Matt anticipates challenges for homes requiring renovation, saying, “Buyers are cautious about the construction sector’s ability and concerns about rising building material costs.” In 2024, “turn key” homes, requiring no additional work, are expected to thrive.

6. RBA’s Continued Influence:

“The Reserve Bank of Australia remains a pivotal player, with buyer confidence heavily impacted by its decisions,” notes Dion. Any holds or reductions in interest rates based on inflation numbers would likely be welcomed by the market.

7. Banking Criteria and Buyer Confidence:

Matt emphasizes, “Banks tightening lending criteria in 2023 led to reduced lending for some buyers.” Looking forward, Dion suggests, “Loosening lending criteria in 2024 could significantly boost buyer confidence, stimulating market activity.”

In conclusion, Matt and Dion provide valuable insights into the Melbourne real estate market for 2024, highlighting the impact of economic factors, migration trends, and shifts in buyer confidence. As the year unfolds, these dynamics will continue to shape the landscape of property transactions in this vibrant city.

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