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Core Communities | 2023 Wrap Up

  • Date 13.12.2023

2023 saw many challenges in the greenfield sales space, with the RBA presenting repeated shocks to the market. Whilst trading projects were inhibited by market confidence, the longer-term project pipeline of many developers saw roadblocks in the form of taxation, planning reform and increased civil construction costs. Not to mention earless reptiles!

But as we finish up the year, it’s not all doom and gloom, buyers are slowly popping their heads up, new projects are on the horizon and the variety of new home options for purchasers presents renewed opportunity for 2024.

What are we seeing for the year ahead?

 

The regions and beyond

Our projects team has onboarded a number of new developer partners and 13 new trading projects in the last half of this year with a host of further launches forecast for early 2024. From Thurgoona and Yarrawonga in the North, to Colac and Drysdale in the West and Grantville in the South East, the kms are adding up as we explore and identify opportunities to support our clients in their regional ventures.

 

The TITLE-wave is coming

The construction lag trailing peak market sales has finally caught up and sees a wave of settlements coming through across the final quarter of this year and Q1 2024. As projects attempt to settle lots at peak pricing and purchasers get a handle on their current borrowing capacity, titled stock on market is growing month by month. This stock is where we are seeing compelling incentives of $20-30k applied, willing a hesitant market to make a quick decision.

 

Rate of Interest

Whilst interest rates have been the key talking point for our customers across the year, the fear factor appears to have diminished into the last quarter of 2023 with enquiry quality picking up and some buyers ready to make their move. Certainty and consistency are big on the wish list for customers going into 2024 to give them the confidence to commit to a purchase. Time is also high on the priority list with many seeking titles at 12months+ to see out the last of market anticipated volatility through next year.