A welcome return of confidence has reinvigorated the market over the past 12 months. The recent slowdown in interest rate hikes has bolstered the spirits of both buyers and sellers. This shift towards stability has enticed more highend properties onto the market, expanding options for discerning buyers.

With current speculation suggesting a potential rate decrease by the end of 2024, some buyers are opting to hold off on purchasing. However, this waiting game might come at a cost. Historically, property prices tend to rise alongside falling rates.

Taking the leap now could provide a double benefit: reaping the rewards of potential future interest rate drops as well as the capital appreciation on your property.

The construction sector continues to face its own set of challenges. While building costs are showing signs of stabilising, they remain a concern for some buyers, particularly those considering major renovations or new builds.

This ongoing issue has fuelled demand for new builds and renovated properties, which offer immediate move-in convenience.

The Inner North remains a magnet for developers. Local councils are actively encouraging development along key transportation routes, transforming the landscape with exciting new residential options and commercial spaces.

Areas such as High Street, stretching from Northcote to Reservoir, are a hive of development activity.

We have seen investor activity cool somewhat, leading to a period of price stability and a more selective buying environment. This shift has been most pronounced in the apartment market, where stricter rental standards are discouraging some investors from purchasing older buildings. However, this has created an opportunity for savvy buyers willing to undertake the renovations themselves.