Property Market Predictions for 2024
How the current market affects real estate in the Adelaide Hills
Expect more growth and gains in the real estate market this year. It will be an extension of what we saw in 2023, which continues to skew in favour of sellers. This is a nation-wide trend that we’re seeing mirrored in the Adelaide Hills real estate market.
There’s strong, steady interest for homes for sale and houses for rent in the Adelaide Hills – with multiple offers per property and plenty of off-market selling. It’s doubtful we’ll see a decline this year, despite interest rates and inflation. The unbalanced housing market is a great time for sellers, but not tenants or purchasers.
Market experts are predicting:
- Continued seller momentum
- Possible rate cuts in the second half of the year
- Affordability issues and cost of living pressures
- Limited stock levels across buying and renting
- Stressed rental market – making it especially hard for low or single-income individuals
- Increased housing costs accounting for a greater percentage of income (well above the suggested 30% rule)
- Growth remains high – Adelaide’s sale’s volumes are 25% higher than historic five-year average.
These trends hint at a widening disparity, which we will remain conscious of when advising our clients and community.
Navigating a tricky real estate market
Homeowners:
- If you’ve been on the fence about whether to sell your home, get a free online estimate
- Talk to your financial advisor about your situation and how home ownership fits into your long-term plans. Financial and property decisions run in parallel.
Renters:
- Plan ahead and know what landlords are looking for – use this resource
- Book a free appointment with our Adelaide Hills property managers to strategise your plan
- If, and when you’re ready to buy a property for sale in the Adelaide Hills, we already know you, your lifestyle needs, and long-term goals.
Nitschke, your property partner through it all
We’re humans first, real estate agents second. This means we focus not only on the results, but the relationship. With another tight market ahead for those who are finding it the toughest, it’s even more important to partner with the right real estate agents. We’re here for you now, and alongside for your every move in the Adelaide Hills.
