The moderation of interest rate increases towards the end of last year proved to be pivotal, fostering a more stable purchasing environment and encouraging buyers to re-enter the market with renewed enthusiasm. With expectations of heightened competition fuelled by potential future rate reductions, buyers are acting decisively and driving momentum. We expect this trend to accelerate throughout the year. 

Over the past 12 months, we have seen a surge in buyer activity, notably within the $1 million to $2 million price range, where young couples have been particularly active.

Mid-range and affordable properties have also seen strong sales, provided they align with market expectations. The scarcity of available properties has created robust competition, with well-priced properties garnering enthusiastic buyer interest.

Despite increasing inventory, a delicate balance between supply and demand persists, with stock levels still struggling to keep pace with buyer appetite.

Glen Eira property trends continue to reflect a preference for townhouse developments, though volumes have lessened in recent months due to broader conditions.

Developer hesitancy due to escalating costs, supply constraints and market uncertainties, has resulted in a decrease in new townhouse projects. This has coincided with a growing demand for turnkey and fully renovated homes that require minimal to no additional work, reflecting concerns about rising construction costs and the availability of trades and building supplies.