4 Tips for Property Market Success in 2024

As we approach the end of the year, many of us begin to contemplate our aspirations for the coming year. However, why not get a head start on your property market goals for the next year today? If purchasing a property is on your agenda, consider kickstarting your journey into the property market in 2024 by initiating the pre-approval process and conducting thorough research now. 

Enjoy these four tips for property market success in 2024.

1. Prepare a budget

If you haven’t done so already, it’s time to create a budget to gain a clearer understanding of your purchasing power, especially considering the property prices in 2024. Start by calculating your monthly income and subtracting your monthly expenses and debts. This exercise will help you determine the amount available for your monthly mortgage payments.

Tracking your bank account activity, including income and expenditures, can reveal areas where you can cut back. For instance, you might consider skipping your daily café coffee or canceling unnecessary subscriptions or memberships.

While setting a budget is straightforward, seeking professional advice can be beneficial. A broker can offer insights into aspects you may have overlooked and provide a realistic assessment of what you can afford in light of property prices in 2024.

2. Begin the pre-approval process

If you’re eyeing an early purchase in the new year, it’s a smart move to kick off the pre-approval process, especially considering the dynamics of the property market in 2024. Securing pre-approval signals to the seller that you’re serious and can give you a competitive edge.

Pre-approval, also known as conditional approval, offers insight into your borrowing capacity, providing valuable guidance for bidding when the time comes. To initiate the process, gather essential documents such as your ID, payslips, and bank statements required for the application.

Obtaining pre-approval is typically cost-free. However, it’s essential to note that pre-approvals have expiration dates, typically valid for three to six months. Therefore, it’s advisable to time this step closer to your readiness to purchase.

If you need help preparing yourself for purchase, we have Australia’s best mortgage brokers on-hand to get you through the process.

3. Do your research

Now is an opportune time to conduct thorough research, especially with property prices in 2024 and property predictions for 2024 in mind. If you’ve identified your preferred area for purchase, delve into its performance using resources like realestate.com.au/sold/. Additionally, real estate institute websites offer valuable data, including insights into top growth suburbs based on median house and unit prices.

While online research is valuable, attending auctions in your target locations provides firsthand knowledge. It’s a chance to gauge market dynamics and trends.

Furthermore, it’s crucial to refine your property requirements. Given the current housing market, compromises may be necessary. Be realistic yet clear about your essentials – do you prioritize specific room counts, outdoor spaces, or parking availability? Determine whether you’re open to renovation projects or require move-in-ready properties. Clarifying these needs streamlines your property search process.

Look into what government initiatives are available to you as a buyer, such as the Regional First Home Buyers Support Scheme or the First Home Buyer Scheme. State Government websites (such as revenue.nsw.gov.au) contain helpful information on the current schemes and grants.

4. Planning to sell

If you have an existing property, prepare a plan for selling. You will need to give yourself time to spruce up the property if needed, style it, have photos taken and put it on the market. Again, this is a good time to research the market as well to see what similar properties in your location are selling for.

If you didn’t buy the home of your dreams this year, try not to get discouraged, but also be realistic. As there have been significant increases in the cash rate which have flowed onto interest rates, it might be a time to re-evaluate where and what type of property you can now reasonably afford. Whatever your financial situation, we can help you start the process to prepare to buy in the future.

Here at 360 Financial Strategists we are qualified home loan specialists. 

To find out if our services and financial strategies are right for you, feel free to contact us online or call us on 03 9427 0855.