By Craig Heppell, Principal Ulverstone Real Estate
Let’s start with some stats.
The average median price for homes from Burnie through to Devonport sits at $529,000
That’s an increase on average of 7% for the year.
It probably resembles what we are seeing and experiencing on the ground.
Properties that are presented well and priced to ATTRACT buyers are selling (going to contract) in around 30-50 days.
However, stock levels are rising with more listings hitting the market in mid to late January.
The thing I noticed during 2024 was that market sensitivity was stronger.
By that I mean substantial economic and societal events influenced buyer behaviour quicker and more intensely.
So, this leads me to my predictions for 2025
I’m tipping an earlier than expected Federal Election.
Should this be the case, some potential buyers will retreat and wait to see what the outcome of the election is. Hopefully it is a short sharp campaign,
Ms Bullock and Co. (RBA) are resisting the trends of other Western nations, who are easing their interest rates, and keeping Australian rates at the same level they have been for over 12 months.
Generally, through 2025, I expect the local property market to remain stable, with slowing price growth if interest rates remain the same -steady price growth if they start to drop rates around the 2nd quarter of the year.
And property buyers…here’s the BIG tip. The best time to shop and drive a deal is from now until Mid-January. Less competition, more stock to choose from.
Karen and I sincerely wish all our wonderful clients, business associates and friends the happiest Christmas and a prosperous, healthy new year.