The real estate market should lean in buyers’ favour as experts tip there will be more homes to choose from - but will it last?
The property market is set to start 2025 in the same fashion as it ended last year, favouring buyers over sellers until there is a rate cut – if it materialises.
ANZ senior economist Adelaide Timbrell said rate cuts would be the major catalyst for the property market to pick up again.“ as long as we don’t see unemployment drop to those really low levels during that high inflation period and as long as inflation keeps going in that right direction,” she said. PRD Real Estate chief economist Dr Diaswati Mardiasmo said Australia was heading in the direction of rate cuts as it was six months behind international peers such as the US, the UK and Canada, which have already begun cutting rates.
“We’ve had about a 25 per cent increase in first home buyers from 2019 to 2024. We only had about 8 per cent increase in the past 12 months,” Mardiasmo said. “It does show they are wanting to get into the market, but they are getting priced out.” “That same energy is going to be there to start 2025, which means that sellers who are willing to listen to the market and listen to buyer feedback will be rewarded with sales, and sellers hoping for a price that may have been there in 2022 or 2023 may not sell,” McGlynn said.
“From a Melbourne perspective there going to be some really good opportunities from a buyer’s point of view,” McCabe said.
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