October 2024 Round Up

October Market Update

The median national house price rose 0.3% in October, marking the 21^st month in a row in the winning streak for property owners according to new data released by CoreLogic. But the modest gain was not felt evenly across the country with Sydney joining Melbourne and dropping 0.1%.

On the good news front, the Illawarra was up slightly at 0.1% and put on 4.4% year on year for a median value of $981,307. If we drill down a little further, it was the Dapto-Port Kembla region that continues to impress with an 8.5% year on year gain – ranking it no.3 among regional NSW for growth. Despite this, CoreLogic head of research Tim Lawless told The Illawarra Mercury that growth seems to be easing.

“We can clearly see the market’s losing some momentum. We may not see the market getting back to that $1 million mark,” he said. “Perhaps we’re at or approaching a natural ceiling in the marketplace, where just getting close to that $1 million mark is fair value at the moment, and it may not get beyond it.”

Maybe some light at the end of the tunnel for first home buyers?

Inflation down, but will interest rates follow?

Hallelujah! Cost of living pressures seem to be easing with the last figures on the Consumer Price index (CPI) released by the Australian Bureau of Statistics (ABS) showing the headline inflation rate now at 2.8% to September – the lowest annual inflation rate since March 2021.

That will be welcome news to consumers, but mortgage holders may have to hold tight until early 2025 with the drop driven by falling fuel prices and government electricity subsidies. While the headline figure is within the RBA’s target range of 2-3%, its preferred metric is the trimmed mean which still sits at 3.5%. Some commentators argue that the CPI drop will be taken cautiously by the RBA as we move into the summer spending season and the tight labour market. The major banks are tipping a February cut.

All eyes on the Reserve at 2.30pm on Melbourne Cup Day.\

Dapto secret it out

The secret is out. In a market that has largely been slowing, the latest CoreLogic data shows that Dapto is one of the standout winners in the region, putting on 8.5% in value year on year to October. That puts in number 3 in the NSW region for house price growth for the year.

That will not come as a shock to any residents of the Dapto-Port Kembla region who have long seen its value as an affordable place to raise a family. Whether it is its lake and mountain views, proximity to the Wollongong and Shellharbour LGAs with its stunning beaches, world class sporting and entertainment venues or closer to home with the famous Dapto Mall with its speciality shops and majors. Throw in restaurants and the new family-friendly suburbs around Horsley, Huntley and Wongawilli alongside the more established Mt. Brown and this gorgeous place is achieving the recognition it deserves.

We’ve been very active in Dapto recently and we’d love to have a chat about the value of your home.

Rate My Agent

With over 390 five-star reviews in over 46 locations across the Illawarra, Tim recently achieved another gong with the nationwide ratings agency, Rate My Agent. As well as sitting in the top 20% of agents nationwide and winning an award for trust, Tim was awarded the ‘Price Expert’ award for consistently picking the right price for your property.

A quick read of Tim’s Rate my Agent profile reveals a consistent pattern of sentiment: Trustworthy, professional, knowledgeable, expertise, experience, integrity and reliability. If you’ve got time to delve a little deeper another pattern emerges and that is the stress experienced by vendors who are selling their biggest financial asset and the way that Tim’s professional approach takes the stress out of the process.

“Downsizers especially have a very hard time selling the family home. There are all those memories and there are plenty of nerves about the process of selling and finding somewhere else to live,” Tim says. “As well as finding the right price, it’s important to help take the stress out of the sale.”