Market Insights with Kannan Subramanian | May 2024

Here’s an exclusive market insights session with top agent, Kannan Subramanian. In this feature, Kannan discusses the notable changes and trends currently shaping the market. From increased buyer activity to shifts in pricing, Kannan provides a straightforward analysis and advice if you’re considering buying or selling. Get equipped with valuable insights to help you make informed decisions in your real estate journey.

Video Highlights

1. Notable Changes in the Market

Compared to the previous month, there has been a surge in new properties entering the market, especially when compared to the first quarter of this year. Additionally, there’s been an increase in buyer demand, with more new buyers entering the market and conducting thorough research. This has led to consistent activity in the market.

2. Level of Buyer Activity

The level of buyer activity is strong compared to the first quarter of the year, where there was a shortage of supply and buyers. Currently, there are more buyers in the market, and supply levels are trying to keep up, resulting in fairly consistent activity.

3. Types of Properties in High Demand

Three-bedroom homes and townhouses in the inner north, particularly around Reservoir and Preston, are in high demand. Second homebuyers with growing families are keen on upsizing, especially if the properties are renovated.

4. Shifts in Pricing

According to data from realestate.com.au, national home prices lifted by 0.23% in April, bringing prices up to 1.97% so far this year, a 6.6% increase compared to April 2023.

5. Areas of Strong Demand and Growth

Suburbs like Northcote and Thornbury are experiencing strong growth due to their proximity to the city and thriving amenities. However, suburbs slightly further north, like Lalor and Thomastown, still offer good value opportunities.

6. Impact of Economic Climate

Stable interest rates have boosted consumer confidence, resulting in a consistent market environment. Buyers are aware of available options and borrowing capacity, contributing to market stability.

7. Advice for Buyers

Potential buyers should secure pre-approval from a reputable mortgage broker before starting their search. Additionally, conducting thorough research on desired locations and recent property sales is crucial. Having a conveyancer or solicitor on the team for contract reviews is also recommended.

8. Advice for Sellers

Sellers should focus on presenting their homes well to attract potential buyers. This includes decluttering, staging, and tending to gardens for enhanced curb appeal. Professional assistance, such as home stylists, can further improve the presentation of the property.

9. Looking Ahead

There is an increasing demand for apartments, particularly among first homebuyers, due to changes in affordability. Overall, the property market continues to evolve, and staying informed about upcoming trends is essential for both buyers and sellers.

If you have any questions or need advice on navigating the inner norths real estate market, feel free to contact us today. Your journey in the real estate market starts here.