Welcome to a new year and a new property market. If you plan to buy or sell real estate in Sydney in 2024, you will be curious about the outlook for property in your area.
Check out the most significant factors to keep in mind when buying or selling in the Hills District in 2024.
Demand is still sky-high
Last year saw house prices in the Hills District defy predictions, with the average cost of a Kellyville home rising by 7.3 per cent to a median of $1,803,100. The trend is set to continue during 2024 as demand continues to outstrip supply in Kellyville, Castle Hill, Bella Vista and Rouse Hill. Even with rising interest rates (more on that shortly), a growing population and challenges with the construction industry are contributing to the shortage of quality homes for sale.
Steady prices are excellent news if you are selling because you can be assured of a relatively fast sale in addition to a good financial result. Last year, the average sale time for Kellyville was 36 days, however you still need to be mindful that beautifully presented family homes are the ones that sell fastest and for the top prices.
The downside of a seller’s market is that once you have sold, you are also likely to become a buyer. You’ll be the one experiencing competition and being outbid, which is why many families opt to buy land and build instead of purchasing an existing home. This way, you get a brand new place for a fixed price, and you can even choose the look and feel of the home.
If building from scratch could be a solution for you and your family, reach out to our new team at Plus Notable. We have the capacity to help you sell, buy and build, with a connected team that will facilitate a more seamless experience.
Interest rate uncertainty
One of the things preventing house prices from climbing even further is interest rates.
After a long stretch of record-low interest rates, the past 18 months or so have seen a series of back-to-back hikes, putting home buyers under pressure.
As of December 2023, the Reserve Bank of Australia (RBA) has set rates at a 12-year high of 4.35 per cent. There is no interest rate update in January, so they will stay at this level until at least February. While it is generally expected that rates won’t climb much higher next year, forecasters say they are likely to be stuck around the 4 per cent mark for the next twelve months before they finally start to decrease.
These predictions mean home buyers are acting with caution and being more strict with their budgets. If you do have your home on the market, keep this in mind as your buyers may not have a great deal of flexibility to increase their offers.
New trends
With property prices rising drastically in the Hills District over the last few years along with the ongoing rental crisis, Australia’s new trend for flexible and multigenerational living is growing.
Many families opt to buy larger homes and live with multiple generations in the same property. It is much easier for younger people to buy a home with the help of their parents, and it is a clever way to get out of the rental market. It also doesn’t hurt to have Mum and Dad around to help with babysitting.
If you have any features that make your home suitable for multigenerational living, they may make your home more attractive to two-family buyers, who have a more flexible budget.
Features that you should highlight when advertising your home might include:
- Room for a studio or granny flat
- A garage that can easily be converted into a living space
- Separate living areas
- Multiple bathrooms
- A separate kitchenette
- Ample parking
Talk to your agent about how to pitch your home to a wider net of buyers so you get a better price and spend less time on the market.
Incoming Development
A topic to watch in 2024 is rezoning. At the end of 2023, the Minns Government flagged a plan to green-light high-rise developments around transport hubs, with Kellyville included. If this goes ahead, the area could see apartment blocks up to 50 metres high, as part of an initiative to reduce housing shortages.
These plans provide good motivation to act quickly if you have a smaller home or apartment to sell. If you have a larger property or plan to build on a vacant block, the incoming changes will help to maximise the value of your freestanding home.
In summary
We are expecting a busy year with a lot of demand from buyers in Kellyville, Castle Hill, Bella Vista and Rouse Hill and surrounding suburbs, and people thinking creatively to start or continue their journey on the housing market. This includes:
– Buying as a multi-generational family
– Building vacant land and building from scratch
– Committing to an apartment in order to enjoy a more flexible lifestyle
If you are planning to sell your Hills District home in 2024, remember that a stunning, move-in ready place will always fetch a higher price. Your decisions will depend on how much time you have and if there is budget to upgrade your place before you sell.
Our team is always available to share our advice and help you make your next move. Talk to us about the value of your existing property and your strategy to purchase somewhere new.
Ready to buy, sell or build in the Hills District? Get in touch with Plus Notable today.
