The decision by the Reserve Bank to leave rates on hold means vendors and buyers finish the year knowing where they stand.
Transactions may begin to slow in the coming weeks but buyer interest may actually intensify.
This is the time of year when people have more time to look at property and more time to consider what the next step in their property journey might be.
Many agents are preparing to launch new listings on Boxing Day and New Year’s Day to coincide with people taking a fresh look at what they want and need in their home.
These new listings will come to market with conditions quite evenly balanced. Price growth is evident in many suburban markets but on the whole, this growth is very slight.
Whether rates go up or down next remains subject to inflationary pressures, but there is cause for hope that rates may have peaked in this cycle.
The level of retail expenditure over Christmas will be influential.
Buyers have the chance to secure a good property for a fair price at the moment and take comfort in the cost of borrowing being largely known.
The unfair piece of the puzzle is the predicament faced by renters.
Steep rents brought on by the shortage of rental stock makes the prospect of saving a deposit an impossibility for many Australians. Unfortunately, the new year is unlikely to bring any relief on this front.
The Real Estate Institute of Australia (REIA) Housing Affordability Report for the September quarter shows that New South Wales is the most unaffordable state for renters with a rent-to-income ratio of 27.6%.
In 2024, the REINSW will continue to advocate for the industry and consumers by focusing on improving housing affordability through boosting the supply of homes to buy and rent in New South Wales, just as the REIA is doing nationally.
The REINSW congratulates former President Leanne Pilkington on her appointment as President of the Real Estate Institute of Australia, the peak national body for our industry.