There you have it—2024 is pretty much wrapped up!
I hope you’ve planned some well-deserved time off to spend with family and friends during the holidays. If not, I trust you’re putting your systems and strategies to good use to finish the year strong and maximise your earnings.
As we reflect on the year, take a moment to celebrate your achievements over the past 12 months. Now is also the perfect time to set your goals on the next 6–12 months. If you’re looking for a little inspiration, I highly recommend catching the recording of our latest Supercharge Speaker, Trent Vivian. Trent shared his 8 Pillars of Personal and Professional Growth.
Just a quick recap on our market below with the national trends:
- The Australian property market experienced a gradual slowdown in 2024, with national growth at 0.1% for the month and 5.5% annually, signalling a stabilising market.
- Housing values in Melbourne led the downturn, recording a 1% quarterly decline and a 2.3% annual drop, marking 10 months of declines over the past year.
- Perth stood out as the strongest performer, with 1.1% monthly growth, 3% quarterly growth, and 21% annual growth, though signs of cooling have emerged.
- Regional markets fared slightly better, but demand is softening as supply increases.
Key Challenges:
- Inflation remains a concern, with core inflation rising to 3.5%, delaying potential interest rate cuts.
- Tight labour markets are sustaining wage growth, supporting higher consumer prices.
- Interest rate reductions expected mid-2025 may provide relief, but affordability challenges persist.
To say this year has been remarkable for real estate professionals, with countless successes and milestones achieved despite the changing market landscape. As we bid farewell to 2024, we extend our heartfelt gratitude to everyone who made it such a memorable year.
Wishing you a prosperous and successful 2025 filled with new opportunities and growth! Here’s to adapting, thriving, and reaching even greater heights together. 🎉
Cheers
