Quarterly Property Insight - December 2023

Dear Valued Clients and Friends,

As the Holiday Season approaches and the sun sets on 2023, we are looking forward to spending precious time with our family.  In this edition of Real Estate Insights, we delve further into the intricate tapestry of the Mornington Peninsula real estate market, and explore the nuanced factors shaping our local property landscape. In this newsletter, we aim to provide you with a quick understanding of the current market dynamics and the anticipated trends that will define 2024.

The Sideways Shift Post RBA Interest Rate Rise:

In the aftermath of the recent Reserve Bank of Australia (RBA) interest rate rise, our local market is experiencing a lateral movement, indicating a cautious equilibrium between buyers and sellers. The interest rate adjustment has certainly influenced the borrowing capacity of potential homebuyers, prompting a thoughtful and measured approach to property transactions, from both full time relocators and holiday makers, alike.

However, it's crucial to note that this lateral movement doesn't diminish the inherent allure of the Mornington Peninsula. We are high on the list when it comes to lifestyle and access, for downsizers and investors. The stunning coastal landscapes, vibrant communities, and unique lifestyle offerings continue to make our region an attractive and relatively affordable destination for those seeking a home by the sea.

2024 Trends: A Lateral Perspective:

Looking ahead, the property trends expected in 2024 are expected to move sideways on a local level, with the trajectory influenced by various parameters. Price point, the condition of the property, its position, and the overall standing of the suburb will play pivotal roles in shaping our markets direction. This expected lateral movement underscores the need for tailored advice and strategic decision-making to navigate the complexities of our diverse real estate landscape, so please reach out to myself or one of the team for more advice.

Post-Christmas Surge: An Optimistic Outlook:

After a relatively subdued December characterised by lower sales and buyer interest, we anticipate a surge in stock volume post-Christmas. The early months of 2024 are projected to bring a bevvy of new property listings, offering an array of options for potential buyers. If you've been contemplating a property move, this period may present favourable conditions to finally make the Peninsula your home.

Auction vs. Private Sales: Shifting Dynamics Unveiled:

The dynamics between auctions and private sales are shifting on the Peninsula. While local auction clearance rates are showing a decline, private sale transactions are revealing more robust results for our vendors. This shift indicates a growing trend of buyers and sellers exploring traditional avenues to secure successful property transactions, aligning with our area.

Your Trusted Real Estate Partners:

As your dedicated real estate partners, we remain committed to understanding and navigating these market dynamics. Our experienced team is here to provide personalised guidance, ensuring that your unique needs are met in this ever-changing landscape.

Thank you for choosing Crowders Mornington Peninsula Real Estate Insights as your source for local property updates. For personalised advice or to discuss your real estate goals, our doors are always open.

Wishing you all a joyous Christmas break & here's to a prosperous and fulfilling 2024!

Warm Regards,

Sam, Narelle, John & Crystal