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Year 2024 will see investors flock to the “resilient” markets which can ride out economic fluctuations, says a proptech CEO.
This year’s property market has been challenging for buyers and agents alike, and LocalAgentFinder CEO Richard Stevens predicts that 2024 will be no different.
“As we look ahead to 2024, the real estate market is poised for a dynamic shift, influenced by a range of economic and demographic factors,” said Mr Stevens.
“With listing volumes expected to rise, sellers will need to be agile and well-informed to navigate this fluctuating market, positioning their properties to stand out in a potentially crowded market,” he advised.
The proptech CEO stressed that sales conditions will vary substantially from market to market, observing that “property values are increasingly influenced by fluctuating interest rates and regional economic trends”.
This means that while listing volumes have been experiencing a general slowdown, Mr Stevens believes there remains a high demand for quality properties in desirable locations as a result of local market variations.
“Investors are advised to keep an eye on emerging hotspots, where growth potential is likely to be concentrated, particularly in areas showing resilience to economic fluctuations,” he said.
To Mr Stevens and his team at LocalAgentFinder, the uncertainty of today’s housing market offers unique opportunities.
Despite an 18 per cent drop in home listings across the nation, LocalAgentFinder reported that their revenue grew by 22 per cent in the 2023 financial year.
What is the secret to the group’s success? According to LocalAgentFinder, the key to their surprising growth is concentrating on upping their market share, not their gross listings, with one in 50 Australian property listings now being listed through their platform.
Mr Stevens said: “In a period of downward market trends, LocalAgentFinder has not only navigated these challenges but achieved significant growth.”
He added that “securing a spot in the AFR Fast 100 for the third consecutive year is a testament to the hard work and dedication of our team, and the incredible network of independent real estate agents we collaborate with”.
As the Australian property sector prepares for 2024, LocalAgentFinder shared that it plans to continue its upward growth trajectory by forging partnerships with an increasing number of real estate agents.
Amid ongoing economic instability, Mr Stevens emphasised the “critical importance of vendors partnering with local market experts to stay informed about the latest and emerging developments”.
“The expertise and dedication of these independent agents is fundamental in empowering property sellers with the knowledge to make confident choices,” he concluded.
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