The Marshall Group: Monthly Property Market Update – May 2024

Local Property Market

While the local property market experienced a slight slowdown through May, the first weekend in June showed a noticeable uptick in buyer activity during the weekend prior to the King’s Birthday long weekend, a key period that also marks the opening of the Australian Snow Season. This timing often stimulates increased interest in property investments in specific areas. Despite the recent lull in buyer numbers, contract requests remain steady, and sales continue to progress at a rate comparable to new listings. This balance suggests a resilient market dynamic, even in quieter periods.

Sydney Property Market

Throughout May, auction volumes were recorded around 750, with the preliminary clearance rate according to CoreLogic, starting the month at a high of 78.1% with a gradual week-on-week decline to 72.7%, resulting in an average of 75.4% for the month. Property values saw an impressive monthly growth rate of 0.6%, the largest increase this year, bringing the YTD growth to 2%. Limited stock remains the key driver behind market stability and value growth.

Australian Property Market

The national property landscape continued to show strength with CoreLogic’s Home Value Index increasing by 0.8% in May. This represents the 16th consecutive month of growth and the largest monthly gain since October 2023, reinforcing the sustained upward trend in property values across the country.

Economy Update

The Australian Bureau of Statistics reported a rise in the monthly Consumer Price Index (CPI) to 3.6% for the 12 months ending April 2024, up from 3.5% in the previous period. While still above the Reserve Bank of Australia’s target range of 2-3%, this points to persistent inflationary pressures. Employment figures remained stable, and with the next RBA rate decision expected on 18 June, economists are anticipating a hold, projecting a cautious approach towards any rate cuts.

The Marshall Group Achievements and Announcements

In May, The Marshall Group successfully sold 22 properties, achieving nearly $60,000,000 in sales. Of those listed for auction, 86% were sold at or before the event, with many others closing shortly after. New listings are steadily coming to market, indicating a positive outlook for the coming weeks.

2024 North Shore Local Business Awards – Voting closes on 18 June 2024.

Nominated for the 2024 North Shore Local Business Awards for Outstanding Real Estate Agency, our team, having been honoured as finalists and winners in previous years, appreciates the ongoing support from our clients and the local community for their vote of confidence in us in these prestigious awards in years gone by.

We would once again appreciate your support. You can cast your vote for us here

Community Involvement

The Marshall Group continued to play a significant role in local community events, including the successful Ravenswood Australian Women’s Art Prize and the Lindfield Rotary Fun Run, which saw a great turnout and raised funds for local charities. Looking ahead, we are excited about upcoming events like the Northern Tigers Football Club Trivia Night and the Ravenswood Foundation Gala Ball, which will further our commitment to community support and engagement.

For more information head to our sponsorship page <link>

In Conclusion

The Marshall Group is committed to innovating and enhancing the value we bring to our clients and the community. Whether through financial advantages or keeping you informed with the latest market and local area news, we are dedicated to continually improving our services to maintain our prominence in the local market. Stay connected with us for the latest insights and community initiatives.

Disclaimer: Whilst every effort is made to ensure The Marshall Group communications are accurate and complete, this content is for informational purposes only. For tailored property advice, speak with a member of The Marshall Group directly. For financial or legal advice, seek guidance from a qualified professional.

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