REA Group’s Post

Name: REA Group on LinkedIn: We recently held a series of roundtable discussions with real estate…
Uploaded: 2024-12-26T23:00:05.027Z
Duration: 2 min 27 s
Channel: REA Group

REA Group

108,475 followers

We recently held a series of roundtable discussions with real estate experts where they reflected on the 2024 performance of the NSW property market, and shared what they expect as we head into 2025. McGrath Balmain Partner and Real Estate Agent Cindy Kennedy, The Agency Central Coast Property Partner, Clint Harris, and BresicWhitney Chief Operating Officer, Will Gosse, shared their insights with REA Group Property Journalist, Benn Dorrington. From home prices to interest rates, buyer and seller confidence, new homes, government incentives, the bank of Mum and Dad, and predictions for the year ahead, the team covered lots of ground. Watch the video below to hear what's next for Australia's biggest property market.

Transcript

2024 has been the year of the Bank of Mum and Dad. I'm already here in a couple of clients trying to move their campaigns until the latter part of next year. It's a bit of a crystal ball to what maybe we could expect. The NSW property market has always been a roller coaster, but home prices over the past year have actually been pretty steady. So what's in store for Australia's biggest property market in 2025? What were the main factors that define the property market in 2024? It's been an incredibly variable year. We saw renewed confidence in the marketplace this year, which was largely driven around interest rates being held. Towards the end of the year though, we've started to see more stock hit market. Do you think these trends will continue into the year? Good. Over the next 12 months, I think there's going to be a little bit of a pause on the speculation of what might play out regarding the election. I do believe that when we see the RBAC have some form of direction, some green light, they say we're heading this way, there'll be a kick on of confidence, but also a bit more liquidity to go spend it in our marketplace on the Central Coast. And what are you seeing? Well, the prominence of parents helping their children who statistically are very unlikely to be able to afford properties themselves. Is at an all time high and I would expect that to continue into the year ahead. I am seeing a lot of parents also buying investment properties in order for their children to be able to rent. Cindy, what's your #1 tip for anyone looking to buy or sell? Find the home that's right for them from a buying perspective and really look at their lifestyle and whether that house meets that lifestyle. And for a seller, whether the times right for them to sell that property by what's right for you and take a longer term view on that purchase. And for sellers, my advice, particularly for the next six months. Would be to be patient, start where you wanna finish up, don't go and perhaps buy something that's 4 suburbs back, particularly if you are a first home buyer. It's going to be harder perhaps to break into that marketplace down the track. My prediction overall for 2025 is that we'll have more equalised conditions between seller and buyer. While we've we've seen a an uplift now as to what we were three months ago, I'd like to think that 2025 will be more stable. I think we will see some rate cuts next year. It won't be. It won't be big, but it will be a marketplace that you can have confidence in.

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