Now the summer months are behind us, it’s time to get serious about your property plans in 2024.
If you’re trying to decide whether or not now is the time to sell in Kellyville or other Hills District suburbs, there are some factors to keep in mind.
Here are the key things property professionals are taking note of this autumn:
Interest rates
It barely needs to be mentioned that the big factor in real estate in recent years has been interest rates.
The Reserve Bank of Australia (RBA) increased interest rates 13 times in 18 months, the most aggressive series of interest rate increases in nearly 100 years.
This was done with the intention of tackling rapidly growing inflation. As of late last year, inflation has begun to slow, so the RBA has finally put a hold on interest rate hikes and did not increase the official cash rate at its two most recent meetings. Right now, consumers and economists are cautiously optimistic that increases are in the past, which is bringing some confidence back to the market.
As for how long until rates start to fall again, the jury is out. Predictions generally are that they will start to lower in 2025 after staying steady through this year. There is even a possibility that rates will drop before the end of this year; history shows that rates often fall around ten months after they peak.
The reverse in regional migration
During the pandemic, Aussies fled to regional areas in droves. However, with normality restored after years of lockdowns and social distancing, the trend has reversed, and many Aussies are returning to the cities.
According to CoreLogic, in the last 12 months, the home value index in the capital cities has grown by 8.1 per cent while the regions only managed 4.4 per cent.
Supply vs demand
Last year forecasters warned property prices may drop, but instead they rose or held steady in most areas. This was due to a lack of supply. At present, the state government is working on new housing initiatives which will see rezoning and more high rise buildings, but for the time being the lack of stock on the market is still an issue, which is great for sellers.
2024 property prices in Kellyville
Kellyville was a strong performer last year with an impressive median house price growth of 12.9 per cent, taking the median house price to $1,852,000 and setting a good precedent for 2024.
Demand is also high, with realestate.com reporting that there were 3597 buyers interested in houses in Kellyville and only 61 for sale in January. Last year, the suburb was listed as a top five growth location in Sydney, and with plenty going on in terms of infrastructure, it remains a location to watch.
The other influencing factor is the future growth of the area. There will be around 10,400 new jobs and 8,400 new homes created over the next 20 years, all supported by Sydney Metro Northwest, improved public transport links, 10 hectares of new open space and a new town centre. This means investors are looking to get in early, before Kellyville experiences a boom in population.
Should I sell my home now or wait?
With buyer activity strong and forecast increases in value, it’s more than likely you’ll have great results if you plan to sell your Kellyville home over the next few months.
Preparing a home for sale can take a few weeks, so getting a start now will help you achieve an autumn sale.
You always need to ensure your property looks its best for when you list it for buyers. Achieving this can include:
– Fresh paint
– Declutter and depersonalise
– A thorough clean
– Fix any minor issues
– Update fixtures
– Have the home professionally styled
– Tidy the front yard
– Pressure hose the outside of the house
– Ensure you have a clearly marked house number
Get your house looking its best, and you will avoid low-ball offers from time wasters. We can provide a valuation and some advice based on local market knowledge to get you started.
Thinking of selling your home in Kellyville? Get in touch. We can also show you options to buy one of our stunning off-the-plan apartments, timed to your sale.
