What we learned in 2024
One of the aspects of a long term career in real estate that I enjoy is the fact that nothing ever seems to stay still. We are constantly seeing changes in the market, both in terms of economic outcomes and the underlying trends that impact on buyers, sellers, investors and renters alike.
Sometimes these changes are subtle adjustments that you only notice due to a change in the feel of the market over time. Sometimes, however, they are measured in clear numerical terms by those who analyse the data for a living, providing clear signs for anyone who takes the time to access these figures.
With this in mind, it was interesting to read a report on the changing preferences of homebuyers across Australia in 2024, as measured by PropTrack and reported in this week’s Saturday Herald-Sun.
PropTrack took a look at the specific search terms that homebuyers used during the past year when searching for homes for sale online.
One trend in the market that was very clear, perhaps driven by the challenges of the increased cost of living that we are all aware of, was the increase in searches for properties with scope for dual accommodation or extra flexibility in accommodation.
The biggest increase from 2023 to 2024 was a jump of 54 per cent in searches for a separate unit, closely followed by a 52 per cent increase in searches for granny flats. The fact that the third highest increase was for a ‘studio’ shows a clear trend here. In fact, terms like ‘dual living’ and ‘dual key’ were also ranked among the Top 10 increased searches for the year, so this is clearly not a “one off” as far as changes in the market.
What these figures don’t tell us is the motivation behind the increased searches. Are they driven by a desire to accommodate elderly family members? Perhaps it’s to house younger family members trying to save a deposit for their own home? Or is it about generating rental income to better cope with higher interest rates?
Either way, it raises some interesting possibilities for local homeowners with properties that do have extra accommodation, or even the scope to create it, if you’re thinking of selling in 2025.
Of course, if you do need some advice about your own property or your plans for the year ahead, the team at Barry Plant Thomastown will be back in the office on Monday, January 6th, so don’t hesitate to give us a call on 9466 3233.
In the meantime, stay cool and in the shade.
Regards,
Con Constantinou
Barry Plant Thomastown