Getting new housing supply on the ground is a long-term prospect

Agents who know their markets well can get a campaign up and running very quickly so for those wanting to sell this year, time has not yet run out.

There is a large and motivated buyer pool actively looking and despite the rate rise this  month, and the prospect of more to come, serious buyers will have already factored higher rates into their equations.

No major slowdown is expected over the festive period as agents prepare listings to go live throughout December and January, when many buyers have more free time to take  a proper look.

As has been proven time and again, attempting to predict the future of the market is fraught with danger. Those transacting in the current context at least know where they stand.

Affordability has been one of the market’s prevailing issues in recent years and there’s nothing to suggest 2024 will be any different.

Rates could creep higher, mortgage repayments with them, and so too could house prices.

Sydney’s rental vacancy rate is just 1.5%, an unhealthy level which will most likely continue to put upward pressure on rents.

These are potential outcomes, but what is certain is that they will not be balanced by the supply response the market needs.

Getting new housing supply on the ground is a long-term prospect at best, even if conditions were favourable for developers. At the moment they’re not. 

This is part of the puzzle the NSW Government needs to solve.