What will the Murraylands’ property market look like in 2024?
As 2023 draws to a close, the experts at Raine and Horne Murraylands make their predictions for the year ahead.
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It has been an eventful year on the Murraylands’ property market, with strong demand, price rises and growing recognition of the opportunities available in our region.
House prices in Murray Bridge have increased by almost nine per cent over the past 12 months, according to industry analysts CoreLogic; and the vacancy rate for rental properties remained incredibly low at 0.3%, indicating strong demand for more housing.
Consultancy firm Hotspotting recently picked Murray Bridge as one of the top 10 places in Australia for first home buyers or investors in 2024.
That matched what local real estate agents were seeing on the ground, Raine and Horne Murraylands’ Michael Cox said.
“Prices have continued to go up,” he said.
“Where a lot of markets around the country have dropped or stabilised, ours has continued to grow.”
In that context, he said, it was important to seek a property appraisal before selling, as values were constantly changing.
While the number of potential buyers expressing an interest in local properties had fallen away a little in recent months, he said, those that remained were genuine: “They’re prepared to put strong offers in.”
Most of the residential properties that were available were getting snapped up quickly.
On the rental side of things, property manager Milaina Gregory said there was still a shortage of properties, if not quite as pressing as there had been during the winter months.
“Coming into Christmas, we’re still experiencing that same supply and demand (issue),” she said.
Sales consultant Casey DeMichele said the excitement about the growing number of $1 million-plus properties available locally had filtered down into the rest of the market.
Instead of just getting back what they had paid for their properties, she said, many vendors had been able to really invest in improving their new homes with a pool or other features.
“Being in a top-performing area not only in the state, but in the country, (is exciting),” she said.
“It has put Murray Bridge on the map for a good reason.”
So, what can we expect in 2024?
Property values could not keep rising forever, Michael said.
But that didn’t necessarily mean they would stop going up any time soon.
“I think next year we’ll see continued growth,” he said.
“There’ll be some new bits of land around town, as well, which is always exciting.”
Milaina hoped that more rental properties would become available in the new year.
Up to 20 per cent of the homes being built in new neighbourhoods such as Hindmarsh Estate were likely to be made available to rent, she expected, though probably not until late next year or early 2025.
The team at Raine and Horne Murraylands are here to help you with advice on any real estate matter.
Visit www.raineandhorne.com.au/murraylands, call 8532 3833 or drop into the office at 4 Seventh Street, Murray Bridge.
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