March Property Market Outlook: Key Trends & Predictions

Joel Hynes
Mar 2
4 min read

Imagine a dynamic property market in March 2024 that is also full of potential for success. With interest stabilising, buyer confidence returning, and new government policies shaking things up, the next few months could be game-changers for homeowners, investors, and first-home buyers alike.

Take Sarah, for example. She's been saving for years to buy her first home, but rising prices and economic uncertainty kept her on the sidelines. Now, with the market showing signs of stability, she's ready to take the plunge—but she's unsure where to start.

By the end of this post, you'll clearly understand the key trends shaping the property market in March 2024, along with actionable advice to help you make smarter decisions—whether buying, selling, or investing.

1. Background & Context: What's Happening in the Market?

March 2024 is shaping to be a pivotal month for the property market. CoreLogic says national home prices have risen 2.3% over the past three months, with Sydney and Melbourne leading the charge. In Sydney, the median house price is now $1.2 million, a 5% increase from last year, while in Melbourne, it's $950,000, a 3% increase. But beneath the surface, there's a lot more going on.

Key Trends:

Interest Rates Stabilise: The Reserve Bank of Australia (RBA) has held the cash rate steady at 4.35% since November 2023, giving buyers and sellers much-needed certainty.
Increased Listings: Sellers are coming out of the woodwork, with listings up 12% compared to last year.
First-Home Buyer Activity: Government incentives, like the expanded First Home Loan Deposit Scheme, encourage more young buyers to enter the market.

Expert Insight:

"The market is entering a new phase of stability, but buyers and sellers need to stay informed to make the most of the opportunities ahead," says Eliza Owen, Head of Research at CoreLogic. This knowledge will empower you to navigate the market with confidence and control.

2. Key Factors & Analysis: What's Driving the Market?

Let's break down the key factors influencing the property market in March 2024:

a. Interest Rates and Affordability

With steady interest rates, buyers feel more confident about taking on a mortgage. However, affordability remains a challenge, particularly in Sydney and Melbourne, where the median house price is now 1.2 million and 1.2 million∗∗and∗∗950,000, respectively.

What It Means for You:

If you're a buyer, now could be a good time to lock in a fixed-rate mortgage before rates potentially rise again.
If you’re a seller, be prepared for price-sensitive buyers looking for value.

b. Supply and Demand

Listings are up, but demand remains strong, particularly in the 1 million to 1.5 million price range. Regional areas like the Sunshine Coast and Geelong are also seeing increased interest as buyers seek affordability and lifestyle benefits.

What It Means for You:

If buying in a competitive market, consider expanding your search to nearby suburbs or regional areas.
If you're selling, highlight your property's unique features to stand out.

c. Government Policies

The Minns Government's Low And Mid-Rise Housing Policy is set to shake up the market by allowing more medium-density housing in well-located areas. This could boost supply and improve affordability in the long term. The policy aims to [provide a brief explanation of the policy and its objectives].

What It Means for You:

If you're a first-home buyer, keep an eye on new developments in your target area.
If you're an investor, consider properties in areas zoned for medium-density housing.

3. Actionable Takeaways: What Should You Do Next?

Based on March's trends, here's how you can navigate the market:

For Buyers:

Get Pre-Approval: Lock in your financing to stay competitive in a fast-moving market.
Expand Your Search: Consider nearby suburbs or regional areas for better value.
Negotiate Strategically: Use comparable sales data to make informed offers.

For Sellers:

Price Competitively: Overpricing can deter buyers, so work with an agent to set a realistic price.
Stage Your Home: Highlight your property's best features to attract buyers.
Be Flexible: Offer extended inspection times or virtual tours to accommodate busy buyers.

For Investors:

Focus on High-Yield Areas: Regional markets and affordable suburbs deliver strong rental returns.
Monitor Interest Rates: Monitor the RBA's next moves to time your investments effectively.
Consider Sustainability: Energy-efficient properties are in high demand and future-proof your investment.

Case Study:

For instance, A young couple in Brisbane secured their first home in March by negotiating a 5% discount. By focusing on affordable suburbs and working with a buyer's agent, they saved $30,000 on their purchase. This case study illustrates how strategic decisions and market knowledge can lead to significant savings in a competitive market.

4. Common Pitfalls to Avoid

As the market evolves, watch out for these common mistakes:

Overpricing: Properties priced too high may sit on the market longer, leading to price reductions.
Ignoring Market Trends: Failing to adapt to shifting buyer preferences can result in missed opportunities.
Rushing Decisions: Take time to research and consult with professionals to make informed choices.

Pro Tip:

"Always get a professional property inspection and review the contract of sale with a solicitor," advises Jane Slack-Smith, property investment expert.

5. Future Predictions & What's Next?

Looking ahead, here's what to expect in the coming months:

Autumn Slowdown: The market typically cools in autumn, allowing buyers to negotiate.
Interest Rate Watch: The RBA's next moves will be closely monitored, with potential rate cuts on the horizon.
Sustainability Focus: Demand for energy-efficient homes and green financing options will continue to grow.

Conclusion

March 2024 is a pivotal month for the property market, with stability returning and new opportunities emerging. By understanding the trends and preparing for what's next, you can make informed decisions about buying, selling, or investing. This should give you the confidence and reassurance to take your next step in the property market.

Ready to take your next Step in the property market? Contact us today for expert advice tailored to your needs. Or, share your thoughts in the comments below—what trends are you noticing in the market? We'd love to hear from you and help you navigate the property market.

You can maximise the opportunities ahead by staying informed and proactive. Happy property hunting!