The Australian property market in August has been performing strongly, with an increase in buyer engagement and capital city auction activity rising by 4.5% week-on-week.
Sydney property listings
The number of Sydney property listings has continued to remain below demand, creating favourable conditions for sellers. According to CoreLogic, for the week ending 4 August 2024, Sydney’s auction clearance rate stood at 64.8%, and the North Sydney to Hornsby sub-region achieved a robust 73.3% auction clearance rate.
Economic Update
On the 6th of August, the RBA Board announced its decision to “leave the cash rate target unchanged at 4.35 per cent and the interest rate paid on Exchange Settlement balances unchanged at 4.25 per cent”. In response to this decision, Tim Lawless, CoreLogic’s Executive Research Director, stated that “although a stable interest rate decision is seen as a positive for borrowers and housing more broadly, we aren’t expecting today’s outcome will have a material influence on housing trends.” The RBA has forecasted that inflation will return to the target range of 2-3% by late 2025.
Property Market Forecast
In the month of August, auction activity is expected to rise with combined capital city auction activity up by 4.5% week-on-week. In the rental market, national rent rises are predicted to continue their cooling trend, offering some relief to renters after years of high demand and steep price hikes.
The Marshall Group Specific Data Insights
August has brought a 32% increase in attendee numbers at our listings, reflecting strong buyer engagement at open homes. So far in 2024, The Marshall Group has successfully sold 110 properties, totalling over $288 million in value.
Styling Tips and Trends
Australian interior design trends for August continue to reflect a harmonious blend of functionality and aesthetic appeal, catering to evolving lifestyles. The rise of remote work, following the COVID-19 pandemic, has seen an emphasis on creating multipurpose spaces that are both comfortable and practical. As noted by Vogue Living Australia, the interior design landscape will continue to favour nostalgic elements from the 1970s, including ‘blob sofas’, rattan accents, and botanical motifs, with a colour palette rich in terracotta, rust, warm chocolate, and avocado green. Alongside this retro revival, Australian home interiors are also set to embrace the trends of ‘vintage décor’ and ‘quiet luxury décor’, encouraging homeowners to incorporate high-quality materials and vintage statement pieces to infuse their homes with character and sophistication.
If you have any questions or would like further information about the property market please contact us at our offices in Gordon, Lindfield and Wahroonga.