2024 has started with a strong market and an influx of buyers into many markets around Australia.
The Cohen Handler team has been hard at work already this year, and we are seeing a significant number of off-market properties that we’re able to present to our clients.
2023 was another year of low levels of housing stock on the market, which kept up pressure on house prices. We are seeing vendors not quite ready to go to market yet, but instead test the market by offering their properties off-market. This is providing for excellent buying opportunities for Cohen Handler clients as they are getting access to properties with far less, or no, competition.
At the same time, while cost-of-living pressures are significant for many, we are seeing speculation of rate cuts later in 2024 due to recent economic indicators pointing to lowered levels of inflation and flatter growth. Whether the rate cuts come to fruition or not, the market is moving and there are more buyers shopping around. Having a buyer’s agent in your corner will help to give you the competitive edge in this crowded market.
I also thought it was worth sharing some of our experience over the “quiet period”. We saw a huge amount of interest from Sydney, Melbourne and Brisbane-based investors looking for opportunities to invest in Perth. These are typically people looking to invest $250k – $700k. Almost without fail they told our team that they had read on a forum, or on a blog, or heard on a podcast that now is the time to buy in Perth.
Our Perth team has been shocked at the types of properties that these investors are being recommended to buy. Are prices currently rising in these properties? At the moment, yes. But it’s likely because investors with no real knowledge of the market are buying them speculatively and pushing up prices. Rental returns and long-term growth predictions can’t justify the prices people are paying.
Which is why if you are considering buying an investment property I implore you to speak with Cohen Handler’s local expert teams, and our affordable-investment team CH Secure. We have the data, insights and experience to find secure properties that will meet your financial goals, and not rely on speculative bubbles.
On a personal level, I hope you had a wonderful summer break. The entire Cohen Handler team is thrilled to be able to help you achieve your property goals this year and find you the right property at the right price.