Is 2024 The Best Time to Buy Property?

2023 was full of ups and downs for many. Whether you are a buyer, a seller, an agent, or anyone who works in the property development industry, you have also felt and experienced struggles or challenges due to a number of factors. The property market last year was indeed full of surprises. Fortunately, experts say 2024 is seen as an optimistic year for sellers, as homeowners are lining up to list their properties for sale.

The question is: is 2024 the best time to buy property?

Recent statistics show that the volume of properties that are up for sale this coming February and March is indicating an exciting year ahead. This is caused by increased confidence that interest rates have already peaked so there’s no need to worry about this anymore, thus, higher demand from buyers that has seen a strong showing so far. According to recent news, even properties last year that failed to trade before the Christmas period are getting attention from a lot of buyers this year.

Because of the exciting activity that has been happening this early, another question is, does the competition be a cause for worry? Experts suggest that not at all. In fact, even amid increasing competition, the listings that were held through coming into 2024 have been receiving inquiries and new offers.

When will be the busiest time for the industry?

Experts are saying that due to the increase in interest, inquiries, and inspections, it will be a very busy time between now and Easter. People are showing a lot more interest now before there’s any indication that prices might go up again, so more potential buyers are trying to get into the market. And because more people have also come to terms with how the interest rates are going now, there’s more optimism and activity.

What would be the major factors that could affect the purchasing power of Australians this 2024?

Several factors are expected to affect the property market activity in Australia in 2024. Firstly, economic conditions play a crucial role in shaping the property market. Factors such as GDP growth, inflation rate, and employment levels can impact the purchasing power of buyers and their ability to invest in the property market. Therefore, if Australia's economy continues to grow steadily, with low unemployment rates and stable inflation, it is likely to stimulate property market activity.

Secondly, government policies and regulations can significantly influence the property market. Policies related to taxation, interest rates, and housing affordability can either encourage or discourage property investment. For example, if the government introduces favourable tax incentives for property investment or implements measures to improve housing affordability, it could boost demand and activity in the property market. Conversely, if the government introduces stricter lending regulations or increases property taxes, it may dampen the market activity.
It's important to note that these factors are subject to change and can be influenced by various external events and global economic conditions. Therefore, it is essential for stakeholders in the property market to closely monitor these factors and make informed decisions based on the prevailing conditions in 2024.