Professionals Real Estate 
Thinking of buying a home? A flatter than usual market and upcoming interest rate changes make this summer the perfect opportunity to secure your dream property.
The Australian property market has faced a challenging few years with fluctuating demand, rising interest rates and shifting economic conditions. Now we have reached summer 2024/25, as a buyer you could finally find yourself in a ‘sweet spot’ moment which will have you congratulating yourself on taking action.
What’s happening in the market now?
After years of rapid growth, the Australian property market has levelled off, with prices stabilising in most regions. This is largely due to ongoing high interest rates and the cost of living putting pressure on people’s spending limits.
The national average house price steady, but you need to take a look at what’s happening in your area. Some parts of the country are pushing against the trend, so speak to your local Professionals agent about what’s going on with property prices where you live. Let them know you are interested and they will keep you in the loop about what’s coming up on the market.
Why summer 2024/25 is the right time to buy
If you’ve been waiting for the right moment to enter the market, this summer could be your chance. Here’s why:
- A flatter market: With prices finally levelling off instead of jumping by several thousand on an almost weekly basis, buyers have more negotiating power and less urgency to compete against other offers.
- Future rate cuts: Once interest rates drop, more buyers will enter the market, pushing prices up. Buying now lets you lock in your property before the rush. The good thing is that while you may have to stretch yourself when you take on a loan, if you choose a variable rate your mortgage could potentially cost less by the end of the year (seek professional advice when choosing a loan).
- More choice: A quieter market means a wider selection of properties to choose from, giving you the chance to find a place that fits your needs.
- Seasonal opportunity: Other buyers are often away holidaying in summer, which can give you another advantage. What’s more, sellers are usually keen to close a deal before the start of the school year.
Is it a good time to buy for investors?
For investors, summer 2024/25 presents an attractive opportunity. With rental demand remaining high and vacancy rates low, securing a property now means benefiting from strong rental yields. Furthermore, buying before rates drop positions you to enjoy capital gains as property values rise in response to renewed demand.
Strike while the market is cool!
Summer 2024/25 offers some of the most favourable conditions for buyers in a long time. Make sure you still do your due diligence and purchase with a strategy in mind, and take the time to speak with the agents you meet to let them know what you’re looking for. Talk to them about your budget and your wishlist so they can support your journey as a buyer.
Looking for your next home or investment this summer? Get in touch with your local Professionals office.
